Table of contents

1. Inside the nation

1.1 Overview

1.2 Ghadan 21 plan launched to boost growth

1.3 UAE banks request easing of regulations on mortgage caps

1.4 UAE’s economic growth yet to reach its historical best

1.5 UAE’s external sector may experience higher growth in near future

1.6 UAE Federal 2019 budget approved

1.7 UAE Sukuk Islamic bonds listing remains strong

1.8 UAE companies struggle to achieve emiratisation

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Embassy of India, Abu Dhabi 

ECONOMIC AND COMMERCIAL REPORT: OCT., 2018

 

2. India-UAE Bilateral Relations

2.1 Delegation & Events for the Month of Oct. 2018

2.1.1 6th meeting of High Level Task Force on Investment (HLTFI)

2.1.2 Pre-Conference AYUSH 2019

2.1.3 Meeting with Jebel Ali Free Zone Authority (JAFZA)

2.1.4 GITEX 2018

2.1.5 WETEX 2018

2.1.6 India UAE Partnership Summit (IUPS 2018)

2.2 Meetings and other trade activities by this Mission during the month

3. Market Watch

3.1 UAE along with Saudi Arabia and Kuwait provide US $10 billion package to Bahrain

3.2 UAE along with Saudi Arabia and Kuwait pledge US $1 billion for Jordan

3.3 DP World o partner with Eritrea

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1. Inside the nation

1.1 Overview

The federal authorities have sought to improve and streamline fiscalmanagement and have announced a new public debt management office that will alsoseek to establish fresh revenue streams, including allowing federal sovereign debtissuance for the first time. Despite the introduction of excise duties and a 5% value-added tax (VAT) rate, the overall tax burden will remain among the lowest in the world,with no stamp duty, capital gains tax or corporation tax (banks and oil companiesexcepted). The government is likely to be cautious about increasing subsidy supportdespite stronger oil revenue. The immediate policy focus will be on welfare measuresfor nationals and on improving the business environment, as a result of which it will bewary of introducing further new taxes or changing tax rates unless oil prices collapseagain.

The fiscal position will depend largely on global oil prices, which have beenrevised upward to US$76.8/barrel for 2019 and which despite easing in 2020 willaverage US$75.1/b during 2019-23. Higher oil revenue coupled with rising income fromnon-oil sources will provide scope for spending increases on federal and emirate-levelprojects in 2019-23. The emirates of Abu Dhabi and Dubai will continue to constitute themajor portion of the consolidated (federal and emirate- level) budget, despite efforts toincrease economic and fiscal autonomy among the smaller emirates as well as to unifyspending by the UAE central government and federal-level agencies. The publicfinances are managed largely at emirate level, with the federal budget representing onlyabout one-tenth of total expenditure. The 2018 federal budget signalled a step backfrom austerity, a trend that will be maintained in the forecast period, with an increase inspending focused on welfare, education and healthcare. Abu Dhabi has stepped upspending plans and Dubai will continue to spend heavily on capital projects inpreparation for the emirate hosting Expo 2020, as well as on improving its businessenvironment.

Liquidity growth remains modest by historical standards. The Central Bank of theUAE will continue to soak up excess liquidity in the financial system, forcing banks tohold funds at the central bank in the form of certificates of deposit. The central bank willprioritise the currency peg to the US dollar and will continue to track the US tighteningcycle; the central bank has raised the interest rate for certificates of deposit seven timessince December 2016; they are currently at 3%, mirroring the Federal Reserve (the UScentral bank). This will continue until the US enters a fresh phase of monetary easing in2020, with rates edging up again from 2021. Commercial banks' foreign liabilities willrise as foreign financing increases, although the net foreign asset position shouldremain in surplus.

1.2 Ghadan 21 plan launched to boost growth

The crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed al-Nahyan hasannounced a development programme named Ghadan 21, designed to boost the3 | P a g e

emirate's competitiveness over the next three years with outlays of Dh50bn (US$14bn).The three-year development accelerator programme, Ghadan 21, was approved onSeptember 16th and aims to boost the capital's competitiveness based on four maintenets: business and investment; society; knowledge and innovation; and lifestyle. Thissupports the federal government's goal to improve the UAE's competitiveness globally.

The three-year development accelerator programme, Ghadan 21, was approved onSeptember 16th and aims to boost the capital's competitiveness based on four maintenets: business and investment; society; knowledge and innovation; and lifestyle. Thissupports the federal government's goal to improve the UAE's competitiveness globally.A new working capital credit guarantee programme is planned for launch later in 2018 tofacilitate Dh10bn (US$2.72bn) in bank financing at concessional interest rates forsmaller companies over the next three years.

The new initiatives also include an integrated system for processing and issuingbusiness licences, with the aim of accelerating the process and making it easier forbusinesses to obtain licences. Meanwhile, to speed up the planning process, zoningand regulatory information for all plots across Abu Dhabi will be available online by theend of October, while new building permits are planned to be issued within ten days. Abudget of over Dh500m (US$136bn) has also been set aside over the next three yearsto promote Abu Dhabi as a tourism destination both regionally and globally. Abu Dhabi'spolicy priority will be to stimulate economic growth, which has remained low after oilprices fell during 2014-16.

The emirate is still highly dependent on the hydrocarbons sector, where outputhas been constrained by OPEC targets that remain in place until late 2018. A new lawgoverning public-private partnerships is likely to passed in 2019-20, enabling moreprivate participation in the economy. In June Abu Dhabi announced a three-yearstimulus package intended to boost the economy and create at least 10,000 jobs in thepublic and private sectors for Emiratis.

1.3 UAE banks request easing of regulations on mortgage caps

The UAE Banks Federation, the industry body, is considering approaching thecentral bank to raise the limits on existing mortgage lending caps, in order to stimulatethe country's real-estate market, which struggled in the first half of 2018. The currentmortgage rules were introduced in 2013; these placed a cap on the amount that bankscould lend to home buyers at 80% of the house value for first-time buyers for a houseworth up to Dh5m (US$1.36m) for nationals, and 75% for foreigners. Some UAElenders believe that the time is now ripe for a relaxation of those rules in order tostimulate tepid demand for house purchases, as a result of which the real-estate marketstruggled in the first half of 2018. In Dubai property market transactions in the first sixmonths declined by 16% in value year on year.

The UAE real-estate market has been faltering for several years and has failed torecapture its former vibrancy, even following the recovery in oil prices since 2017.Although the restrictions imposed in 2013 were seen as necessary to prevent the

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market overheating at that time, Emirati banks now see scope for introducing somemeasures, such as reducing the cap on lending, to make it easier for borrowers toaccess credit. The UAE Banks Federation's retail banking committee proposed onSeptember 25th that first-time buyers of houses worth up to Dh5m should be able toborrow up to 85% of the property's value (for UAE citizens), and up to 80% forforeigners.

If the proposition is eventually taken up by the regulator, the Central Bank of theUAE, then it might give a push to the property market. With the UAE set to offer ten-year residency visas to some skilled expatriates and 100% foreign ownership ofbusinesses, there are likely to be more home buyers, and hence making credit moreeasily available will benefit the real-estate sector. However, the central bank will weighany calls to lift limits on mortgage lending carefully, with a view to avoiding any repeat ofthe real-estate market overheating that precipitated the 2013 rule changes.

1.4 UAE’s economic growth yet to reach its historical best

Despite stronger non-oil performance and the revival of government investment,OPEC-mandated oil production cuts depressed growth in the first half of 2018, althoughoutput has begun to edge up. Growth will be boosted in 2019 by the expiry of the OPECcuts, as a result of which oil production will rise by around 3%. Although the UAEeconomy is relatively diversified, it still depends on regional, oil-dependent liquidity. Onthe back of these factors, and strengthened by higher oil prices, we expect real GDPgrowth to reach 3.4% in 2019, compared with an estimated 2.8% in 2018.

The hosting of Expo 2020 will provide fresh impetus to economic activity, especially inDubai that year, despite a small dip in oil prices and slowing global demand. The eventwill draw a large number of visitors, boosting private consumption and services exports.Construction will strengthen gradually as the sector responds to private and publicdemand growth and Expo- related investment. Manufacturing, trade, transport andtourism dynamics will continue to be influenced heavily by global economicdevelopments, which remain subject to considerable uncertainty. Despite risingoperating costs for businesses after the introduction of VAT, the UAE will benefit fromits safe-haven status in a turbulent region, with Dubai in particular remaining the mainregional commercial hub. Against this backdrop, we expect real GDP growth in 2020-23to strengthen to an average of 4% a year.

1.5 UAE’s external sector may experience higher growth in near future

A substantial increase in non-oil merchandise export earnings and a recovery inoil export revenue will keep the current account in significant surplus throughout theforecast period. We expect the current-account surplus to average 9.1% of GDP in2019-23. However, the surplus will narrow in 2020 as oil prices moderate that year.From 2021, higher average oil export revenue and non-oil export earnings due toprogress in transport infrastructure projects will result in a widening of the surplus onaverage.

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A modest recovery in regional liquidity and demand for UAE services (mainlytourism and financial services) means that services credits will pick up, while remainingmuch lower than services imports. We expect primary income credits (mainly returns onthe government's foreign assets) to increase steadily, although investor sentiment maybe affected by a slowdown in the US and regional uncertainty over the forecast period.There will be growth in remittance outflows from the large expatriate workforce, despiteEmiratisation efforts, putting downward pressure on the current account, and grantoutflows will pick up slowly.

1.6 UAE Federal 2019 budget approved

The UAE cabinet has approved a federal budget of Dh60.3bn (US$16.4bn) for 2019,with expenditure up by 17.3% compared with the 2018 budget. The federal budgetforms a small component of the consolidated budget in the UAE, constituting around 10-15% in the past few years.The new federal budget plan emphasise the government'sfocus on social development and education, as in 2018, with these accounting for morethan half of the federal government's spending for 2019. A statement in the official newsagency, WAM, said the focus of the spending for 2019 would be directly linked tocitizens' welfare, health and education. The planned expenditure includes 42.3%allocated for community development, 17% for education development and 7.3% forhealthcare services. Aside from continuing previous years' policy on improving citizens'wellbeing, which is partly motivated by increased cost pressures borne by UAEresidents—including value-added tax (VAT) and increased retail fuel prices—the budgetplan envisages a stronger expansionary fiscal approach.

The 17.3% rise in spending outlays planned for 2019 is in large part intended togive a boost to non-oil economic activity. In contrast, the 2018 budget saw only a 5.6%increase in spending compared with 2017. Higher global oil prices and thereforestronger government revenue have also provided the federal government, whosebudget is largely funded by Abu Dhabi, the UAE's main oil producer, scope to increasespending. Significantly, the statement mentions that the 2019 federal budget puts acentral focus on augmenting foreign direct investment inflows over the period withgovernment spending designed to make the UAE a more attractive location for foreigninvestors. This forms part of a longer, three-year budget plan that envisages Dh180bn(US$49bn) in spending over the 2019-21 period.

However, one aspect that remains opaque is the amount of the budget that willbe set aside for security matters—a key sector in light of the UAE's active role in theYemen conflict. Overall, the federal budget plan underscores our view that the impact ofhigher oil revenue will drive a slightly looser fiscal approach, with much of the spendingincrease focused on citizen's welfare.

1.7 UAE Sukuk Islamic bonds listing remains strong

Dubai has emerged as a centre for Islamic finance in recent years. NasdaqDubai, a Dubai-based stock exchange that lists regional and international equity anddebt instruments, has witnessed robust sukuk listing in 2018. The total value of sukuk

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listed on the exchange reached US$60.15bn after IDB's listing. Other major issues onNasdaq Dubai include the Dubai logistics group DP World's listing of a US$1bn sukuk inSeptember. Sukuk issuance and listing on exchanges in the UAE has accelerated in thepast few years with corporates looking to raise capital through the debt markets andinvestor interest and appetite for sharia-complaint investment products increasing.

The Abu Dhabi-based real-estate group Aldar Properties announced onSeptember 27th that its wholly owned subsidiary Aldar Investments had listed a debutfixed-rate US dollar-denominated sukuk worth US$500m on the Abu Dhabi SecuritiesExchange in order to refinance Aldar's existing debt. Abu Dhabi Islamic Bank (ADIB)also announced in midSeptember that it had raised US$750m of additional Tier 1 capital—the key measure of a bank's financial strength—through a Basel III compliant sukuk.

The sustained sukuk issuance comes in spite of higher global oil prices as theUAE's strong regulatory environment support debt issuance. Although sovereignissuance in the region will be less active as oil prices edge up and the fiscal accountremains in surplus during our 2019-23 forecast period, corporates in the UAE are likelyto be active in debt issuance as they look to raise funds for upcoming expansions andprojects. In addition, with the government moving toward reducing its stakes ingovernment-related entities (GREs), these entities are also likely to look to capitalmarkets.

1.8 UAE companies struggle to achieve emiratisation

The UAE is targeting a higher "Emiratisation" rate as part of its National Agenda2021, but as of 2017 only 3.4% of Emiratis worked in the private sector, and thatincludes many in partly state- owned companies. Various methods that are adopted forworkforce emiratisation include restricting certain roles to nationals and imposing levieson companies, which are not adhering to guidelines. UAE periodically publishes lists ofroles restricted to nationals. For example, in 2017 the UAE's Ministry of HumanResources and Emiratisation required that larger firms hire Emiratis as health andsafety officers and for data-entry positions. UAE is following GCC policy ofnationalisation of workforce and the strategies do match with Bahrain, Kuwait andSaudi Arabia.

As per the Human resource planning experts, the workforce nationalisation plansare likely to remain on the agenda, but it will take at least a decade before the UAE startwitnessing significant results. The complimentary reforms in education, vocationaltraining and lucrative job market creation are the immediate challenges infant of theUAE government in short-term to achieve any significant level of emiratisation. UAE issues a new law to allow federal government to issue sovereign debt

On October 13th the finance minister (and deputy ruler of Dubai), SheikhHamdan bin Rashid al- Maktoum, announced that legislation had been approved toestablish a public debt management office and to allow the federal government to issuesovereign debt. The new public debt management structure is part of ongoing efforts to

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improve fiscal management and strengthen federal oversight and is an important steptowards enabling federal issuance.

The debt management office will be tasked with establishing primary andsecondary markets for sovereign issuance, with dirham-denominated debt helping toestablish yield curves, and the authorities hope, improving local debt markets andstrengthening the UAE's financial market credentials. The new law allows localcommercial banks to buy both foreign-currency and dirham-denominated debt, whichwill widen the availability of instruments they can hold to meet regulatory requirements.Most government spending in the UAE is conducted at the emirate level with federaloutlays only comprising about 10% of the consolidated total. Consequently, federal debtissuance is likely to be modest but the law is important nevertheless.

During the period of low oil prices, low US interest rates and constraineddomestic liquidity, many large corporates, emirate-level authorities and government-related entities (GREs) had increased their debt issuance abroad, as have the otherGulf Co-operation Council states and individual UAE emirates, but the UAE was unableto proceed until this measure had been approved. With international oil prices averagingmore than US$70/barrel in 2018 (and expected to remain above that level in the comingyears), the public finances have improved significantly; the UAE's consolidated fiscalposition will have returned to modest surplus in 2018, reducing the need for debtfinancing.

In April 2016 Abu Dhabi returned to the international bond markets for the firsttime since 2009 and tapped bond markets again in October 2017, raising US$10bn intotal in a series of offerings and with low spreads, but it has not issued since.Nevertheless, the authorities are likely to want to lock in the still relatively modestinterest rates and the low spreads on UAE debt currently available and also to moveforward with establishing benchmarks for UAE corporates, GREs and the smalleremirates.

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2. India-UAE Bilateral Relations

2.1 Delegation & Events for the Month of Oct. 2018

2.1.1 6th meeting of High Level Task Force on Investment (HLTFI)

The 6th meeting of HLTFI was held in Mumbai on 15th October 2018 to review theprogress being made in addressing the agreed actions of the previous meeting held inAbu Dhabi in January 2018 and to elaborate a number of new key issues of mutualimportance. The meeting was co-chaired by H.H. Sheikh Hamed bin Zayed Al Nahyan,Chairman of the Abu Dhabi Crown Prince’s Court, and H.E. Suresh Prabhu, Minister ofCommerce and Industry and Civil Aviation, Government of India. The two sidesdeliberated on opportunities for cooperation and investment in the both countries. Bothsides also discussed in specific detail a number of potential investment projects in India,in the Highways sector; Infrastructure Corridor projects; Sagar Mala projects and NewGreenfield Airports. The meeting also deliberated on India-UAE Agro exports potentialand Projects in Food Processing Sector. To facilitate investments and resolve issuesrelating to UAE Investments in India, a special UAE desk ‘UAE PLUS’ shall beestablished in Invest India, the National Investment Promotion Agency of India. Alsoestablish a Fast Track Mechanism at the level of Secretary, Department of IndustrialPolicy & Promotion, Government of India and Ambassador of UAE to India tocontinuously monitor and resolve issues.

2.1.2 Pre-Conference AYUSH 2019

Embassy of India in association with Ministry of AYUSH, Govt. of India and ScienceIndia Forum, UAE organized a seminar on the theme “AYUSH for Healthy Life” on 24thOctober 2018 from 1630 to 1900 Hrs at St. Regis Hotel, Corniche, Abu Dhabi. This isconsidered as a pre-conference AYUSH 2019, the proposed 2nd International AYUSHConference & Exhibition 2019 which will be held in Dubai during November 2019. Ms.Smita Pant, Deputy Chief of Mission (DCM) inaugurated the seminar. The event wasattended by around 150 people from different nationalities including Emiraties, British,Egypt, Philipines, Sri Lanka, Lebanon etc.

2.1.3 Meeting with Jebel Ali Free Zone Authority (JAFZA)

Consul General and Consul Economic attended a meeting with representatives fromJAFZA. Those present were Mr Ahmad Al Haddad – Chief Operating Officer, Mr.Abdulla bin Damithan – Chief Commercial Officer, Mrs Ebtisam Al Kaabi – Head ofSales and Mr. Faisal Jassim – Manager, JAFZA Sales.

The JAFZA representative informed about an initiative wherein they invited the Indiangovernment’s representative office which can guide the business/businessmen in Dubai

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about setting up a business in India. It was informed to them that a rep office of CII hasalready been established in DCCI. They were also requested to furnish a concept paperon the proposal. They also mooted an idea of having an agreement wherein the import/export consignments of companies in JAFZA are facilitated by Indian Customs and viceversa. It was informed to them that customs administration of UAE and India are alreadyin discussion for signing Mutual Recognition Agreement (MRA) in the field of authorizedEconomic Operators (AEO). It was informed to them that the said MRA will achieve thesame results as intended.

2.1.4 GITEX 2018

GITEX was held in Dubai from 14-18 Oct 2018 at Dubai World Trade Centre. 32 Indiancompanies participated in the event under Electronics & Computer Software ExportPromotion Council (ESC) India Pavilion. 27 companies participated under TelecomEquipment & Services Export Promotion Council (TEPC). NASSCOM also set up anSME Pavilion which had 26 companies participating. Consul General Vipul inauguratedthe Pavilions on 14th Oct 2018 and met the exhibitors.

2.1.5 WETEX 2018

Indian Chamber of Commerce (ICC) organized the India Pavilion at WETEX 2018 heldduring Oct 23-25 at Dubai World Trade Centre. Approximately 50 Indian companiesrepresenting the Indian renewable, non-renewable and solar sector participated in theevent. Consul Commerce, Shri Rahul Srivastava inaugurated the India Pavilion on 23 rd

Oct.

2.1.6 India UAE Partnership Summit (IUPS 2018)

The 2nd edition of IUPS was held at Atlantis Hotel from 30-31 Oct, 2018. The Summitwas hosted by Business Leaders Forum in association with Indian Embassy – AbuDhabi and Consulate General of India – Dubai. UAE Ministry of Economy was thestrategic partner. Four Indian states namely – Punjab, Assam, West Bengal and Delhiparticipated in the event. The Summit was attended by ministers, officials, industrialists,chambers, businessmen, financial institutions, diplomats and wealth funds. Thedelegates got the opportunity to network at the highest level and gather information fortheir investment decisions and establish contacts. Senior government officials from allthe four states also held one on one meetings with leading companies like DP World,Emaar, Sharaf Group, Lulu, NMC etc in UAE.

2.2 Meetings and other trade activities by this Mission during the month

Trade Enquiries

Total 51 trade enquiries were received and promptly replied during the month by theEmbassy of India, Abu Dhabi.

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Trade Disputes The Mission received four trade complaints during the month, which are being pursuedwith local firms and the concerned authorities.

Tender details Four tender documents received during the month by this Embassy from Indianorganizations were disseminated to the Chambers of Commerce and Indian BusinessCouncils in UAE for their members participation.

Important Meetings/Events attended by Ambassador

During the month under report, Ambassador hold meetings/discussions with several prominent UAE dignitaries/events which, includes

Delivered address at Institute of Chartered Accountants of India (ICAI) Dubai meeting

Meeting with Mr. Nithin Anand, Exe. Director, Ms. Alisha Moopen, Mr. Adeeb Ahmed, Mr. Garuav Varma etc to develop engagement strategy with young & 2nd generation Indians

Meeting with H.E. Ahmed Al Hay Al Hamili, Director, West Asia to review agendafor stragtic dialogue

Courtesy call with H.H. Sheikh Diab Bin Mohammed Bin Zayed Al Nahyan, Chairman, Abu Dhabi Department of Transport

Delivered special lecture on India-UAE Strategic Partnership at Emirates Center for Strategic Studies and Research (ECSSR) in Abu Dhabi

Participated the 6th India-UAE High Level Task Force on Investment (HLTFI) in Mumbai

Meeting with H.E. Mr. Abdul Rahman Bin Mohammed Al Owais, UAE Minister of Health & Prevention to discuss access for Indian pharmaceuticals and AYUSH products to UAE.

Mr. Amit Kudke, Head – Int’l Exhibitions to review India participation / arrangements in ADIPEC

Meeting with Mr. Davinder Chugh, Sr. Partner & Mr. Sudhir Maheswari, Founder & Managing Partner of Synergy Capital to discuss investments into India

Meeting with H.E. Dr. Sultan Al Jaber, UAE Minister of State and Chief ExecutiveOfficer of Abu Dhabi National Oil Company (ADNOC) to strengthen investment inRatnagiri Project, 2nd strategic petroleum reserves, additional oil concessions etc.

Meeting with BRS Ventures & IBPG Team with Finance Minister of Punjab Meeting with Mr. Yousuff Ali M.A., Chairman & Managing Director of LuLu Group

with Finance Minister of Punjab to discuss investment in to food processing, logistics etc

Delivered keynote address on the 2nd Edition of India-UAE Partnership Summit 2018 in Dubai

Meeting with Assam delegation led by Minister Meeting with Delhi delegates Meeting with Mr. Manish Singhal, Deputy Secretary & Head Int’l, FICCI

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Meeting with West Bengal delegation Meeting with H.E. Mr. Mohd. Thani Murshid Al Rumaithi, Chairman, Abu Dhabi

Chamber of Commerce & Industry to discuss bilateral trade issues

Important Meetings/Events of First Secretary (CA, E&C)

During the month under report, First Secretary (CA, E&C) attended the followingmeetings/events related to Economic & Commercial matters

Attended ADNOC ICV programme & supplier registration at ADNOC HeadQuarters

Meeting with Mr. Shyam & Mr. Mohan, Science India Forum on AYUSH Seminar Meeting with Mr. Ashutosh Ojha, Senior Associate, Refining & Petrochemicals,

Mubadala Meeting with Mr. Kamal Vachani, Regional Director, Middle East, Electronics &

Computer software Export Promotion Council on the occation of GITEX 2018 Reception organized by IBPG in conenction with Kerala Chief Minister’s visit Meeting with ADIPEC team to discuss India’s participation Organized AYUSH seminar at St. Regis Hotel Abu Dhabi Meeting with Ministry of Happiness in Dubai Attended second round of International Exhibition for Agriculural invesment

abroad (AGRISCAPE) at Abu Dahbi

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3. Market Watch

3.1 UAE along with Saudi Arabia and Kuwait provide US $10 billion package toBahrain

On October 4th the Bahraini government announced that it had signed an agreementwith the governments of Saudi Arabia, the UAE and Kuwait under which Bahrain willreceive a US$10bn fiscal support package from the three countries.

As we had expected, the financial aid package has come with conditionsattached. According to the agreement, Bahrain will have to undertake major reforms toenhance its fiscal position and maintain long-term economic stability. These reforms willcentre on "six pillars" that are aimed at aligning economic growth with non-oil revenuegrowth. These include cutting public expenditure, introducing a voluntary retirementscheme for government employees, streamlining the distribution of cash subsidies andraising the level of non-oil revenue, among other things. The agreement also confirmsthat Bahrain will introduce value-added tax (VAT) in early 2019, in line with a Gulf Co-operation Council agreement, at an initial rate of 5%.

The government aims to eradicate its fiscal deficit, which reached 10.1% of GDPin 2017, by 2022. According to the executive director of Bahrain's EconomicDevelopment Board, Khalid al-Rumaihi, the kingdom needs US$20bn to balance itsfiscal account by 2022. The fiscal support package will provide half that amount, and theother half will be generated by the government domestically through fiscal and taxreforms. The authorities are planning to save BD800m (US$2.1bn) a year in order toachieve this.

Although we expect the government to take serious steps over the coming yearsto balance its books given its desperate fiscal position, it is unlikely that the fiscalaccount will emerge from deficit by 2022. This is because the government will remainwary of sparking social unrest among the public by introducing subsidy cuts. Moreover,spending cuts are likely to negatively affect economic growth in the kingdom in thecoming years. At the same time, however, the significant amount of aid will dispel anyspeculation over the stability of the Bahraini dinar's peg to the US dollar, easingcurrency pressures and boosting investor confidence in the kingdom.

3.2 UAE along with Saudi Arabia and Kuwait pledge US $1 billion for Jordan

On October 4th the finance ministers of Saudi Arabia, Kuwait and the UAE providedUS$1bn in financial aid to Jordan (as part of US$2.5bn agreed earlier) after meetingKing Abdullah in the Jordanian capital, Amman. Jordan signed agreements with SaudiArabia, Kuwait and the UAE to provide US$2.5bn in aid over the coming five years at asummit in Mecca in June following widespread demonstrations in Jordan over aproposed new income-tax law, and declining living standards in general.

The aid package includes a mix of US$500m in grants for budget support, US$550m insoft financing for development projects, US$200m in credit guarantees to the World

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Bank to enable Jordan to secure international financing and US$1.16bn in deposits atthe Central Bank of Jordan (CBJ). The three countries made equal contributions to theCBJ deposit, but the overall Saudi contribution included US$250m for infrastructureprojects, while the UAE will provide a US$250m grant to be paid over five years and afurther US$50m for development and infrastructure projects. Kuwait will provideUS$500m over the same period for infrastructure projects as well as a US$300m loanwith a 15-year grace period to help Jordan balance and reschedule its outstandingloans.

In late September Kuwait rescheduled US$300m worth of loans extended by theKuwait Fund for Arab Economic Development (KFAED) on more favourable terms: a40-year loan term with a 15-year grace period and interest of just 1%. This includesUS$150m for the construction of schools and other infrastructure projects. Apart fromSaudi Arabia, Kuwait and the UAE, Qatar separately announced plans to investUS$500m in Jordan as well as increase Qatari investments in Jordanian tourism andinfrastructure projects.

The Gulf aid package is designed to support the government at a political as wellas economic level following the June demonstrations, which were the most serious andwidespread since an upsurge in political protest at the onset of the Arab Spring in 2011.Since the June demonstrations, the major Gulf Arab economies have offeredconsiderable financial support to Jordan in order to prevent any political destabilisationof the fellow Sunni monarchy in their neighbourhood. Jordan's strategic importance toits neighbours will ensure that financial aid, concessional loans and grants continue toflow.

3.3 DP World o partner with Eritrea

Dubai-based ports operator and logistics company, DP World, is poised to co-operate with Eritrea as a part of the UAE's plans to increase its economic presence inthe Horn of Africa. Despite continuing difficulties over DP World's long-standinginvestment in Djibouti's Dorelah port, the company plans to capitalise on otheropportunities in the Horn of Africa. In an interview with Bloomberg, DP World's chiefexecutive officer, Sultan Ahmed bin Sulayem, said that Eritrea's strategic location nearthe Bab elMandeb Strait—a key shipping lane in the Red Sea—meant the countrywould play a major role in the company's plans for expansion in the Horn of Africa.Eritrea will also serve as an alternative to Djibouti, where DP World is locked in a legalbattle with the government after Djibouti nationalised the Doraleh Container Terminal(DCT) in September 2018.

In July 2018 DP World said that it was considering setting up a logistics facility inlandlocked Ethiopia to handle goods from a maritime port it is developing in the semi-autonomous region of Somaliland. The UAE is building a highway connecting Berberaport to the Ethiopian border as part of other commitments to invest in Somalilandinfrastructure. DP World won a 30-year concession in 2016 to manage and develop themulti-purpose port, committing a total investment of up to US$442m towards the project.

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DP World's plan to co-operate with the Eritrean government is in line with theDubai authorities' policy of increasing investments in Africa to develop both economicand geopolitical interests. The UAE's interest in Eritrea in particular is likely to havebeen piqued following the peace deal between Ethiopia and Eritrea. Eritrea enjoys astrategic position and gives easy access to the growing and populous Ethiopian market.The relative proximity to the Ethiopian capital, Addis Ababa, of Eritrea's Assab portmakes it an attractive route for Ethiopian trade and acts as a gateway to the Africanmarket from the Middle East. However, large investments will be needed to addressEritrea's poor infrastructure and to equip its ports to handle trade traffic.

Pooja V. Vernekar First Secretary (CA, E&C)

E-mail : fsca.abudhabi@mea.gov.incom.abudhabi@mea.gov.in

For further information on UAE economic indicators, bilateral trade figures, nature oftrade enquiries handled, and scheduled exhibitions/seminars in UAE, please see theannexure.

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India-UAE total trade for the last 6 years

Value in US$ Million

S. No.

Year 2012-13 2013-14 2014-15 2015-162016-17 2017-18

2018-19Aprl-Sept

1 EXPORT 36,316.65 30,520.42 33,028.08 30,290.01 31,175.50 28,145.64 15,291.39

2 %Growth 1.09 -15.96 8.24 -8.29 2.92 -9.72

3 IMPORT 39,138.36 29,019.82 26,139.91 19,445.68 21,509.83 21,739.96 13,807.01

4 %Growth 6.48 -25.85 -10.38 -25.61 10.61 1.07

5 TOTAL TRADE

75,455.01 59,540.24 59,167.99 49,735.69 52,685.33 49,885.60 29,098.40

6 %Growth 3.82 -21 -0.63 -15.94 5.93 -5.31

7 TRADE BALANCE

-2,821.71 1,500.00 6,888.17 10,844.33 9,665.67 6,405.69 1,484.38

Source : DGCI&S, Kolkata

India’s top 10 Exports to UAE: Values in US$ Million

S.No.

HSCode

Commodity 2016-2017 2017-2018

1 71 Natural Or Cultured Pearls, Precious or Semiprecious Stones, Pre.Metals,Clad With Pre.Metal and Artcls Thereof;Imit.Jewlry;Coin.

13,884.06 10,832.28

2 27 Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes.

3,907.11 4,662.61

3 61 Articles of Apparel and Clothing Accessories, Knitted or Corcheted.

2,114.92 1,603.03

4 62 Articles of Apparel and Clothing Accessories, Not Knitted or Crocheted.

1,817.48 1,214.32

5 89 Ships, Boats and Floating Structures. 1,122.10 1,160.27

6 72 Iron and Steel 516.04 711.58

7 84 Nuclear Reactors, Boilers, Machinery and Mechanical Appliances; Parts Thereof.

635.31 710.05

8 85 Electrical Machinery And Equipment and Parts Thereof; Sound Recorders and

662.67 683.05

Reproducers, Television Image and Sound Recorders and Reproducers, and Parts.

9 10 Cereals. 616.39 595.23

10 29 Organic Chemicals 230.98 417.03

India’s Total Exports To UAE 31,175.50 28,145.64

India’s top 10 Imports from UAE Values in US$ Million

S.No.

Hscode

Commodity 2016-20172017-2018

1

27 Mineral Fuels, Mineral Oils and Products oftheir Distillation; Bituminous Substances; Mineral Waxes.

9,457.60 9,080.71

2

71 Natural or Cultured Pearls, Precious or Semiprecious Stones, Pre.Metals,Clad withPre.Metal and Artcls Thereof; Imit.Jewlry;Coin.

8,571.03 8,703.34

3 39 Plastic and Articles Thereof. 665.23 712.84

4 74 Copper and Articles Thereof. 495.52 551.3

5 72 Iron and Steel 288.63 442.14

625 Salt; Sulphur; Earths and Stone; Plastering

Materials, Lime and Cement. 301.59 419.92

7 76 Aluminium and Articles Thereof. 352.85 400.17

815 Animal or Vegetable Fats and Oils and

Their Cleavage Products; Pre. Edible Fats; Animal or Vegetable Waxex.

307.54 247.51

9

85 Electrical Machinery and Equipment and Parts Thereof; Sound Recorders and Reproducers, Television Image and Sound Recorders and Reproducers and Parts.

181.17 152.24

10 73 Articles of Iron or Steel 29.84 129.35

India’s total imports from UAE 21,509.83 21,739.96

Source : DGCI&S Kolkata

2

India’s exports to UAE with more than 10% increase / decrease for the periodValue : US$ Million

S.No. HSCode CommodityApr-Sep

2017Apr-Sep

2018 %Growth

1 81OTHER BASE METALS; CERMETS; ARTICLES THEREOF. 0.07 1.19 1558.33

2 95

TOYS, GAMES AND SPORTS REQUISITES; PARTS AND ACCESSORIES THEREOF. 3.82 24.85 549.96

3 92

MUSICAL INSTRUMENTS; PARTS AND ACCESSORIES OF SUCH ARTICLES. 0.04 0.21 405.64

4 30 PHARMACEUTICAL PRODUCTS 26.06 103.44 296.91

5 46

MANUFACTURES OF STRAW, OF ESPARTO OR OF OTHER PLAITING MATERIALS; BASKETWARE AND WICKERWORK. 0.38 0.99 157.27

6 98PROJECT GOODS; SOME SPECIALUSES. 0.11 0.25 120.21

7 86

RAILWAY OR TRAMWAY LOCOMOTIVES, ROLLING-STOCK AND PARTS THEREOF; RAILWAY OR TRAMWAY TRACK FIXTURES AND FITTINGS AND PARTS THEREOF; MECHANICAL 0.32 0.62 95.43

8 28

INORGANIC CHEMICALS; ORGANIC OR INORGANIC COMPOUNDS OF PRECIOUS METALS, OF RARE-EARTH METALS, OR RADI. ELEM. OR OF ISOTOPES. 108.28 202.65 87.15

9 36

EXPLOSIVES; PYROTECHNIC PRODUCTS; MATCHES; PYROPHORIC ALLOYS; CERTAIN COMBUSTIBLE PREPARATIONS. 0.42 0.77 84.09

10 85

ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISIONIMAGE AND SOUND RECORDERS AND REPRODUCERS,AND PARTS. 315.14 554.71 76.02

11 70 GLASS AND GLASSWARE. 22.31 37.87 69.72

12 23

RESIDUES AND WASTE FROM THE FOOD INDUSTRIES; PREPARED ANIMAL FODER. 1.52 2.43 59.6

3

13 27

MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES. 2086.04 3318.2 59.07

14 87 VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING STOCK, AND PARTS AND ACCESSORIES THEREOF.

125.16 195.17 55.94

15 26 ORES, SLAG AND ASH. 5.27 8.12 53.99

16 41RAW HIDES AND SKINS (OTHER THAN FURSKINS) AND LEATHER 0.55 0.85 52.8

17 15 ANIMAL OR VEGETABLE FATS AND OILS AND THEIR CLEAVAGE PRODUCTS; PRE. EDIBLE FATS; ANIMAL OR VEGETABLE WAXEX.

7.98 11.44 43.4

18 13

LAC; GUMS, RESINS AND OTHER VEGETABLE SAPS AND EXTRACTS. 4.44 6.27 41.17

19 21MISCELLANEOUS EDIBLE PREPARATIONS. 18.38 25.93 41.1

20 48

PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD. 73.53 99.5 35.32

21 25

SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS,LIME AND CEMENT. 18.41 24.42 32.64

22 68

ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS. 34.05 44.08 29.46

23 45 CORK AND ARTICLES OF CORK. 0.18 0.23 28.71

24 65HEADGEAR AND PARTS THEREOF. 1.51 1.94 28.57

25 79 ZINC AND ARTICLES THEREOF. 23.49 30.14 28.34

26 39PLASTIC AND ARTICLES THEREOF. 149.5 191.61 28.16

27 88AIRCRAFT, SPACECRAFT, AND PARTS THEREOF. 3.27 3.89 18.93

28 16 PREPARATIONS OF MEAT, OF FISH OR OF CRUSTACEANS, MOLLUSCS OR OTHER AQUATIC INVERTEBRATES

0.84 0.99 18.1

29 29 ORGANIC CHEMICALS 168.42 198.49 17.86

30 4

DAIRY PRODUCE; BIRDS' EGGS; NATURAL HONEY; EDIBLE PROD. OF ANIMAL ORIGIN, NOT ELSEWHERE SPEC. OR INCLUDED. 17.42 20.17 15.78

31 57CARPETS AND OTHER TEXTILE FLOOR COVERINGS. 29.43 33.96 15.39

32 69 CERAMIC PRODUCTS. 33.32 37.33 12.05

4

33 2 MEAT AND EDIBLE MEAT OFFAL. 81.86 91.61 11.92

34 24TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES. 63.67 70.89 11.34

35 96MISCELLANEOUS MANUFACTURED ARTICLES. 11.94 13.29 11.3

36 90

OPTICAL, PHOTOGRAPHIC CINEMATOGRAPHIC MEASURING, CHECKING PRECISION, MEDICAL OR SURGICAL INST. AND APPARATUS PARTS AND ACCESSORIES THEREOF; 61.5 55.21 -10.22

37 20

PREPARATIONS OF VEGETABLES,FRUIT, NUTS OR OTHER PARTS OF PLANTS. 12.19 10.91 -10.47

38 9 COFFEE, TEA, MATE AND SPICES. 74.73 66.31 -11.27

39 84

NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF. 359.38 314.73 -12.42

40 58

SPECIAL WOVEN FABRICS; TUFTED TEXTILE FABRICS; LACE; TAPESTRIES; TRIMMINGS; EMBROIDERY. 13.69 11.98 -12.49

41 10 CEREALS. 267.26 231.96 -13.21

42 78 LEAD AND ARTICLES THEREOF. 10.47 9.01 -13.95

43 97WORKS OF ART COLLECTORS' PIECES AND ANTIQUES. 1.58 1.32 -16.34

44 82

TOOLS IMPLEMENTS, CUTLERY, SPOONS AND FORKS, OF BASE METAL; PARTS THEREOF OF BASE METAL. 35.68 29.47 -17.4

45 40RUBBER AND ARTICLES THEREOF. 61.21 49.6 -18.96

46 6

LIVE TREES AND OTHER PLANTS; BULBS; ROOTS AND THE LIKE; CUT FLOWERS AND ORNAMENTAL FOLIAGE. 2.05 1.64 -20.36

47 43FURSKINS AND ARTIFICIAL FUR, MANUFACTURES THEREOF. 0.24 0.19 -21.72

48 52 COTTON. 42.97 32.74 -23.8

49 54 MAN-MADE FILAMENTS. 87.46 66.1 -24.42

50 5

PRODUCTS OF ANIMAL ORIGIN, NOT ELSEWHERE SPECIFIED OR INCLUDED. 0.02 0.02 -26.48

51 55 MAN-MADE STAPLE FIBRES. 37.55 27.48 -26.81

52 12

OIL SEEDS AND OLEA. FRUITS; MISC. GRAINS, SEEDS AND FRUIT;INDUSTRIAL OR MEDICINAL PLANTS; STRAW AND FODDER. 9.73 6.99 -28.11

5

53 8EDIBLE FRUIT AND NUTS; PEEL OR CITRUS FRUIT OR MELONS. 169.52 120.03 -29.19

54 33

ESSENTIAL OILS AND RESINOIDS; PERFUMERY, COSMETIC OR TOILET PREPARATIONS. 94.78 62.64 -33.91

55 75 NICKEL AND ARTICLES THEREOF. 1.36 0.79 -42.12

56 60KNITTED OR CROCHETED FABRICS. 4.37 2.2 -49.58

57 17SUGARS AND SUGAR CONFECTIONERY. 69.11 34.77 -49.69

58 42

ARTICLES OF LEATHER,SADDLERY AND HARNESS;TRAVEL GOODS, HANDBAGS AND SIMILAR CONT.ARTICLES OF ANIMAL GUT(OTHR THN SILK-WRM)GUT. 61.61 29.4 -52.27

59 62

ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, NOT KNITTED OR CROCHETED. 884.56 403.33 -54.4

60 66

UMBRELLAS, SUN UMBRELLAS, WALKING-STICKS, SEAT-STICKS, WHIPS,RIDING-CROPS AND PARTS THEREOF. 0.24 0.11 -55.22

61 61

ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, KNITTED OR CORCHETED. 1184.66 524.62 -55.72

62 50 SILK 5.59 2.43 -56.47

63 37PHOTOGRAPHIC OR CINEMATOGRAPHIC GOODS. 0.36 0.14 -59.62

64 1 LIVE ANIMALS. 15.66 5.6 -64.22

65 80 TIN AND ARTICLES THEREOF. 2.16 0.68 -68.37

66 93ARMS AND AMMUNITION; PARTS AND ACCESSORIES THEREOF. 0.18 0.03 -83.74

67 74COPPER AND ARTICLES THEREOF. 287.05 21.7 -92.44

68 99 MISCELLANEOUS GOODS. 0.34 0 -99.29

Total 15234.83 15291.39 0.37Source: DGCI&S, Kolkata

UAE’s total non-oil trade for the year 2017 UAE’s Trade Value (US$ Billion) India’s shareTotal Imports 257.89 7.85%Total Non-Oil Exports 49.33 10.65%Total Re-exports 109.08 8.51%Total Trade 416.30 8.36%

(Source: UAE Federal Competitiveness and Statistics Authority)

The UAE’s top ten import items for the year 2017:S. No. Items Value

6

(US$ Million)

1 Pearls, Precious Metals, Stones & Articles Thereof 54,770.71

2 Electrical Machinery, Sound Recorders and Parts 46,268.37

3Nuclear Reactors, Boilers, Machinery & Parts Thereof 31,120.05

4 Vehicles Other Than Railway or Tramway; Parts 21,991.68

5Mineral Fuels, Oils, Waxes and Bituminous Substances 9,371.12

6 Aircraft, Spacecraft, and Parts Thereof 8,511.39 7 Articles of Iron or Steel 4,836.88 8 Plastics and Articles Thereof 4,737.46

9 Iron and Steel 4,433.28

10 Pharmaceutical Products 3,999.45 (Source: UAE Federal Competitiveness and Statistics Authority)

The UAE’s top ten non-oil export items for the year 2017:

S. No. ItemsValue

(US$ Million)1 Pearls, Precious Metals,Stones & Articles Thereof 18,722.74 2 Aluminium And Articles Thereof 6,109.32 3 Plastics And Articles Thereof 4,081.83

4 Tobacco And Manufactured Tobacco Substitutes 2,858.31

5 Copper And Articles Thereof 1,731.35

6 Articles Of Iron Or Steel 1,327.50

7Mineral Fuels,Oils,Waxes And Bituminous Substances 1,183.77

8 Nuclear Reactors,Boilers,Machinery & Parts Thereof 1,078.52 9 Electrical Machinery,Sound Recorders And Parts 1,053.27 10 Iron And Steel 996.44

(Source: UAE Federal Competitiveness and Statistics Authority)

The UAE’s top ten re-export items for the year 2017:

S. No. ItemsValue

(US$ Million)

7

1 Pearls, Precious Metals,Stones & Articles Thereof 27,807.81

2 Electrical Machinery,Sound Recorders And Parts 22,583.65

3Nuclear Reactors,Boilers,Machinery & Parts Thereof 15,001.92

4 Vehicles Other Than Railway Or Tramway; Parts 11,985.66

5Mineral Fuels,Oils,Waxes And Bituminous Substances 3,777.45

6 Aircraft, Spacecraft, And Parts Thereof 3,008.88 7 Tobacco And Manufactured Tobacco Substitutes 2,252.06

8Optical,Photographic,Measuring&Medical Instruments 2,069.11

9 Essential Oils,Resinoids And Cosmetics 1,935.14

10 Rubber And Articles Thereof 1,421.71 (Source: UAE Federal Competitiveness and Statistics Authority)

UAE’s trade with India for the year 2017 Value (US$ Billion)

Total Imports 20.25Total Non-Oil Exports 5.25Total Re-exports 9.29Total Trade 34.79

(Source: UAE Federal Competitiveness and Statistics Authority)

The UAE’s top ten import items from India for the year 2017:

S. No. ItemsValue

(US$ Million)

1 Pearls, Precious Metals,Stones & Articles Thereof 10,215.68

2Mineral Fuels,Oils,Waxes and Bituminous Substances 1,026.77

3 Iron and Steel 705.50

4 Nuclear Reactors,Boilers,Machinery & Parts Thereof 675.16 5 Electrical Machinery,Sound Recorders And Parts 607.14

6 Cereals 592.98 7 Knitted or Crocheted Articles of Apparel 546.53 8 Vehicles Other Than Railway or Tramway; Parts 484.61

9 Articles of Iron or Steel 431.25

8

10 Articles of Apparel, Not Knitted or Crocheted 419.57 (Source: UAE Federal Competitiveness and Statistics Authority)

The UAE’s top ten non-oil export items to India for the year 2016:

S. No. ItemsValue

(US$ Million)

1 Pearls, Precious Metals,Stones & Articles Thereof 2,941

.74

2 Copper and Articles Thereof 53

9.65

3 Plastics and Articles Thereof 49

0.07

4 Aluminium and Articles Thereof 27

2.37

5 Salt; Plastering Materials, Lime and Cement 192.07

6 Iron and Steel 15

1.92

7 Products of The Printing Industry; Manuscripts 10

7.79

8Mineral Fuels,Oils,Waxes and Bituminous Substances

65.85

9 Pulp of Wood; Waste and Scrap of Paper 5

0.68

10 Electrical Machinery,Sound Recorders and Parts 4

9.64 (Source: UAE Federal Competitiveness and Statistics Authority)

The UAE’s top ten re-export items to India for the year 2017:

S. No. ItemsValue

(US$ Million)

1 Pearls, Precious Metals,Stones & Articles Thereof 7,636.05

2Nuclear Reactors,Boilers,Machinery & Parts Thereof 241.42

3 Electrical Machinery,Sound Recorders and Parts 226.28

4 Plastics and Articles Thereof 166.29 5 Knitted or Crocheted Articles of Apparel 138.70

6Mineral Fuels,Oils,Waxes and Bituminous Substances 94.27

7 Organic Chemicals 87.83 8 Articles of Iron or Steel 57.60

9

9 Aircraft, Spacecraft, and Parts Thereof 54.75

10Optical,Photographic,Measuring&Medical Instruments 49.22

(Source: UAE Federal Competitiveness and Statistics Authority)

UAE’s top 10 trading partners for the year 2017

S no. CountriesImports

Non-oil Exports

Re-exports

Total trade

US$ Million

US$ Million

US$ Million

US$ Million

1 China 48,278.25 1,529.84 3,498.38 53,306.48

2 India 20,245.80 5,253.56 9,287.41 34,786.77

3United States of America 23,136.44 2,153.39 5,293.91 30,583.75

4 Saudi Arabia 6,907.57 4,079.52 10,594.32 21,581.41

5Iran (Islamic Republic of) 1,856.34 884.80 14,395.92 17,137.06

6 Japan 13,992.31 776.63 1,044.80 15,813.747 Germany 11,890.20 471.71 1,085.31 13,447.228 Turkey 7,616.14 4,509.77 1,230.59 13,356.509 Iraq 701.02 2,309.58 9,943.44 12,954.0410 Viet Nam 9,761.27 323.60 281.41 10,366.28

(Source: UAE Federal Competitiveness and Statistics Authority)

UAE Economic Indicators 2013[a] 2014[a] 2015[a] 2016[a] 2017[b] 2018[c] 2019[c]

GDP Nominal GDP (US$ m) 390,054 403,082 358,086 348,696 389,785 413,772 431,170Nominal GDP (Dh bn) 1,432.70 1,480.50 1,315.30 1,280.80 1,431.70

1,519.80 1,583.70

Real GDP growth (%) 5.8 3.3 3.8 3 2 2.8 3.7Origin of GDP (% real change) Agriculture 2.3 0.3 1.9 4.3 3.5 2 2.5Industry 4.1 1.9 6.1 4.1 1.8 1.5 2.9Services 7.7 4.8 1.5 1.9 4.4 4 3.3Population

10

and incomePopulation (m) 9 9.1 9.2 9.3 9.4 9.5 9.7GDP per head (US$ at PPP) 64,633[b] 67,415[b] 70,325[b] 72,397 74,135 76,775 79,985Fiscal indicators (% of GDP) Consolidated government revenue 32.2 27.2 23.2 22.5 21.7 23.5 23.9Consolidated government expenditure 37.2 29.6 29.6 30.3 27.9 28.3 29.2Consolidated government balance -5 -2.4 -6.4 -7.8 -6.2 -4.8 -5.3Net public debt 40.9[b] 43.1[b] 53.1[b] 62.7[b] 64.3 64.7 66.1Prices and financial indicators Exchange rate Dh:US$(end-period) 3.67 3.67 3.67 3.67 3.67[a] 3.67 3.67Exchange rate Dh:€ (end-period) 5.07 4.46 4 3.87 4.41[a] 4.43 4.41Consumer prices (av; %) 1.1 2.3 4.1 1.6 2.0[a] 4.6 3.4Stock of money M1 (% change) 26.9 14.9 4.8 3.7 3.9[a] 5.3 7Stock of money M2 (% change) 22.8 7.9 5.5 3.3 4.1[a] 6.7 7.3Lending interest rate (av; %) 5.8[b] 5.5[b] 5.3[b] 5.7[b] 6.1 7 7.5Current account (US$ m) Trade balance 140,397 108,440 76,559 68,445 80,888[a] 87,692 87,160 Goods: 371,173 343,017 300,436 294,990 313,504[a 331,939 341,177

11

exports fob ]

Goods: imports fob -230,776 -234,577 -223,877 -226,545

-232,616[a]

-244,247

-254,017

Services balance -40,832 -26,385 -21,130 -18,244 -14,976[a] -19,024 -20,341Income balance 1,579 654 1,743 2,097 2,777[a] -538 -2,420Current transfers balance -29,952 -28,237 -39,646 -39,101 -41,198[a] -42,263 -44,030Current-account balance 71,192 54,471 17,525 13,197 27,491[a] 25,867 20,369External debt (US$ m)

Debt stock178,438[b]

192,492[b]

202,054[b]

217,626[b] 238,519 249,188 263,639

Debt servicepaid 18,117[b] 15,145[b] 16,546[b] 19,809[b] 19,633 30,144 28,373 Principal repayments 15,000[b] 12,000[b] 13,000[b] 15,000[b] 13,000 21,000 17,000 Interest 3,117[b] 3,145[b] 3,546[b] 4,809[b] 6,633 9,144 11,373Internationalreserves (US$ m) Total internationalreserves 68,203 78,424 93,930 85,394 95,374[a] 102,374 104,874a Actual. b Economist Intelligence Unit estimates. c Economist Intelligence Unit forecasts.Source: Economic Intelligence Unit

Trade enquiries from India for the month of October 2018 received by thisEmbassy in Abu Dhabi

S.No. Name & Address Items1 JSK Enterprises, Rajkot, Gujarat

sales@jske.inHardware items

2 Royal Birds, Surat, Gujaratroyalbirds101@gmail.com

Food products

3 Msara Impex Pvt Ltd., Morbi, Gujaratinfo@masara.in

tiles

4 Mr. CS Om Kumaromkumarcaringula@gmail.com

Food products

5 Avaneesh International, Puneavaneeshinternatinal18@gmail.com

Food products

12

6 Om Metal Casting, Rajkotommetal1405@gmail.com

Steel products

7 MOC Exports, Mumbaimocexportsindia@yahoo.com

Steel products

8 Jeevanbhoomi Agro Pvt Ltd., Punedebashish@jeevanbhoomi.in

Food products

9 Sonal Exim, Rajkot, Gujaratakshay.patel501@gmail.com

Food products

10 Nithiindia Foreign Trades, Thenimahalingam@nithiindia.com

Engineering goods

11 SRB Chemicals,srbchemicalsindia@gmail.com

Chemicals

12 Happy Exim, Suratsgondaliya242@gmail.com

Food products

13 Suchet International, Vapi, Gujaratjashdesai342@gmail.com

Liquid filter bags

14 Sree Sakthi International, Chennaisreesakthiinternational@gmail.com

Food products

15 Elshadai Traders, Tirunelveliinfo@elshadai.co.in

Food products & garments

16 Shivani Detergents Pvt Ltd., Indoreexport@mysargam.com

Detergents

17 Uniphos International Ltd., Mumbaipawan.talmale@unionline.com

Food products

18 KV Pro International, Bhilaikvpro.international@gmail.com

rice

19 Green Jackpot Commodities, Odishagreenjackpotcommodities@gmail.com

Food products

20 Cara International Solutions, Nilgiriscisworld@outlook.com

Food products

21 FIEO, Mumbaiahshah@fieo.org

Food products

22 Italian Edibles Pvt Ltd., Indore (MP)teamitalian01@gmail.com

Confectionery items

23 Royal Birds, Suratroyalbirds101@gmail.com

Food products

24 Heda Industries Pvt Ltd., Amaravatiheadindustriesexim@gmail.com

Pvc products

25 Shri Ganesh Enterprises, Jaipurtejprakashagarwal@yahoo.com

Food products

26 Jai Food Products, Ajmerjaifoodproduct@gmail.com

Food products

27 Abhiraj International,jasminkorat1991@gmail.com

Food products

28 Sky Blue, Jaipur Food products

13

skyblueexportjaipur01@hotmail.com29 Rockwell Industries Ltd.

rockwellpraveen@gmail.comFreezers and coolers

30 Rudrayog Worldrudrayog15@gmail.com

onion

31 Sanjeevani Internationalparthkalariya999@gmail.com

Aluminium window, door fitters

32 Saif Leathers, Kolkatasaifrahman701@gmail.com

Leather products

33 Exponus Exports,exponusexportsindia@gmail.com

Food products

34 Crino Exim Pvt Ltd., Suratcrinoexim@gmail.com

Food products

35 Pune Trade Impexpunetradeimpex@gmail.com

Wheat flour

36 Bluevision Eximbluevisionexim@gmail.com

Rice and wheat flour

37 Sambhav Natural Stones Pvt Ltd., Jaipursambhavstones@gmail.com

stones

38 Pooja Enterprises, Suratdevarshiamdawadi@gmail.com

Zari thread

39 Neptune Laminates Pvt Ltd.,neptuneexims@gmail.com

Laminate sheets

40 Aventura Impex Pvt Ltd.sakshi@aventuratea.in

tarpaulin

41 Dipesh Engineering Works, Mumbaimarekting.chemicals@dipeshengg.net

machinery

42 Amaltas Apparel & Accessories Pvt Ltd. Mumbaisanjita@amaltas.com

garments

43 OM Impex, Gujaratomimpex94@gmail.com

Spices

44 The Fashion Art, Gujaratthefashionart.in@gmail.com

garments

45 Durva Creations, Indoreclik4gaurav@gmail.com

handicrafts

46 Akash Industries, MPrgandhi02@outlook.com

rice

47 SRK Overseas, srk.overseas@gmail.com

rice

48 Brinda Imports & exports, Telenganasiva@brindaimpex.com

Food products

49 Rajin Export, Chathencoderajinexport@gmail.com

Textiles and food items

14

50 Pooja Enterprisesdevarshiamdawadi@gmail.com

Zari thread

51 Kapsun Groupyamini@kapsun.com

Air cooler

Trade enquiries from India for the Month of October 2018 by ConsulateGeneral of India in Dubai

Trade enquiries from Dubai and northern Emirates for the Month of October2018 by Consulate General of India in Dubai

15

No. Name Inquiry1 M/s J.D.Enterprise Brass & Bathroom Accessories

23 M/s Shivashakti Exports Sugar, Tea, Coffee & Nuts

4 Personal Care Products & Cosmetics5 M/s Shamrao Distributors Milk Products6 M/s Chirag Handicrafts Exports Handicrafts & Furniture7 M/s Ajay Thanki Salt & Tea8 M/s Dd Diamonds Jewellery9 M/s Joel Exports Vegetables & Spices

10 M/s Shri Vels Exports & Imports Vegetales, Fruits & Grains

11 Garments12 M/s Range Exports Pvt. Ltd. Ceramic Tiles13 M/s Taufik kadivar Ceramic Tiles14 M/s Ganesh Enterprises Spices15 M/s AS Global Herbal Products

16 M/s Cara International Solutions Vegetables, Fruits, Spices, Tea

17 M/s Sarf Communication Pvt Ltd Agro Products

18 M/s Shivani Detergents Pvt. Ltd. Soaps & Detergents19 M/s Chawla Super Snacks Snacks20 M/s. Vinga International Spices

M/s Futurelife Pharmaceuticals Pvt. Ltd.

Ayurvedic, Baby Products, Cosmetics & Personal Care Products

M/s Neptune Ventures International FZCO

M/s Blossoms Organic Clothing Company

S.No. Name & Address Items

1 M/s Zanzibar International Trading, Dubai

Rice

2 M/s Bin Saifan Group, Dubai Hospitals

List of all the Indian Business Councils in UAE

Mr. Sudhir Kumar ShettyPresidentIndian Business & Professional GroupP.O. Box No. 33055 Abu Dhabi (U.A.E.) Tel.: +971 2 610 5577 Fax: +971 2 632 1767Email : info@ibpgauh.org;president@ibpgauh.org

PresidentIndian Business & Professional CouncilP.O. Box No. 25414Dubai (UAE)Tel : 00 9714 3324300 Fax : 00 9714 3325655E-mail : info@ibpcdubai.com Website : www.ibpcdubai.comuae.ibpc@gmail.com

Mr. Sudesh AggarwalChairmanIndian Business & Professional CouncilPO Box : 28336Sharjah (UAE)Tel : 00 9716 5696110 Fax : 00 9716 5696119E-mail : ibpc@emirates.net.ae Website : www.ibpc.org.ae

Adv. Sunny Varughese PresidentIndian Business & Professional CouncilPO Box : 31291Ras Al Khaimah, U. A. E.E-mail : president@ibpcrak.com

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Mr. Sudesh K AggarwalChairmanIndia Trade & Exhibition CentrePO Box 66301, SharjahTel: 00 9716 5304404, Fax: 00 9716 5304403, Email: itec@eim.ae Website : www.itecuae.com

Exhibitions in Abu Dhabi

1. October 2018

2 Oct - 6 Oct Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) 2018 15 Oct - 17 Oct China Trade Week 2018 17 Oct - 18 Oct Smart Business Expo 2018 17 Oct - 18 Oct India Trade Expo 2018 17 Oct - 18 Oct International Franchise Conference & Exhibition 2018 22 Oct - 24 Oct Gulf Dentex 2018 25 Oct - 29 Oct Abu Dhabi International Jewellery & Watch Show (JWS) 2018

2. November 2018

12 Nov - 15 Nov ADIPEC 2018

3. December 2018

10 Dec - 12 Dec SIAL Middle East 2018 10 Dec - 12 Dec Abu Dhabi International Date Palm Exhibition 2018

Organizer details Abu Dhabi National Exhibitions CompanyKhaleej Al Arabi StreetP.O. Box 5546Abu Dhabi, United Arab Emirates International : +971 2 444 6900

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Facsimile: +971 2 444 6135 Email : feedback@adnec.ae Website : www.adnec.ae

Exhibitions in Dubai:

1. 01OCT-03OCTIPM Dubai 2018 - International Trade Fair for Plants & WOP 2018- World of Perishables Dubaihttps://www.ipm-dubai.net/

2. 02OCT-04OCTCityscape Exhibition & Conferencehttps://www.cityscapeglobal.com/en/home.html

3. 02OCT-06OCTGITEX Shopper Autumnhttps://www.gitexshopperdubai.com/

4. 02OCT-03OCTMaritime Academic Conference - MARACAD 2018https://maracad-uae.com/

5. 02OCT-04OCTBuilding Healthcare Innovation and Design Showhttps://www.buildinghealthcare-exhibition.com

6. 07OCT-09OCTIAMRA 2018 - (International Association of Medical Regulatory Authorities)http://www.iamra.com/

7. 08OCT-09OCTThe Mining Showhttp://www.terrapinn.com/exhibition/mining-show/index.stm

8. 14OCT-18OCTGITEX Technology Week 2018https://www.gitex.com/

9. 14OCT-17OCTGITEX Future Starshttps://www.gitexfuturestars.com/

10. 23OCT-25OCTWater, Energy, Technology, and Environment Exhibition (WETEX)https://www.wetex.ae/

11. 24OCT-25OCTWorld Green Economy Summit (WGES)http://www.wges.ae/

12. 29OCT-31OCTSeatrade Exhibition and Conferencehttps://www.seatrademaritimeevents.com/smme/

13. 29OCT-30OCT

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The Big Entertainment Show 2018http://bigentertainment.ae/

14. 29OCT-16NOVITU 20th Plenipotentiary Conference in 2018https://www.itu.int

15. 29OCT-16NOVITU 20th Plenipotentiary Conference in 2018https://www.itu.int

16. 06NOV-08NOVGulfood Manufacturinghttp://www.gulfoodmanufacturing.com/

17. 12NOV-14NOVInternational Apparel & Textile Fairhttp://internationalapparelandtextilefair.com/

18. 14NOV-17NOVVOD Dubai International Jewellery Showhttps://www.jewelleryshow.com/

19. 14NOV-16NOVGETEX Autumnhttp://www.mygetex.com/

20. 18NOV-20NOVMiddle East Natural and Organic Products Expohttp://www.naturalproductme.com

21. 26NOV-29NOVThe Big 5https://www.thebig5.ae/

22. 04DEC-06DECGulf Traffic and Transpotechhttp://www.gulftraffic.com

23. 05DEC-06DECThe Global Franchise Markethttp://globalfranchisemarket.com/

24. 05DEC-07DECInternational Coffee & Tea Festivalhttp://www.coffeeteafest.com/

25. 07DEC-08DECDubai Muscle Showhttps://www.dubaimuscleshow.com

26. 10DEC-12DECVision X Dubaihttp://www.vision-x.ae/

27. 11DEC-13DECChina Products Fairhttp://www.chinahomelife.ae/

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28. 13DEC-15DECIndian Property Showhttp://indianpropertyshow.com/about-the-show/

For more details:Dubai World Trade CentreP.O. Box 9292Dubai, UAETelephone: +971 4 332 1000Email: info@dwtc.com; Website : www.dwtc.com

Exhibitions in Sharjah :

1. 45th MIDEAST WATCH & JEWELLERY SHOWShowcasing the latest designs and trends in watches, gold, precious stones and diamonds.2-6, October 2018Sharjah International Book Fair

2. International book fair organized by the Department of Culture & Information, Government of Sharjah.31 oct to 10 Nov 2018International Concrete Conference & Exhibition.25 - 26 November 2018

3. CEF- BIG SHOPPERThe Big Sale for Electronic & Fashion Products.29 Nov to 2 Dec 2018

For more details, please contactExpo Centre SharjahP.O.Box 3222Sharjah, United Arab EmiratesTel: +971-6-5770000Fax: +971-6-5770111Email: info@expo-centre.aeWebsite: www.expo-centre.ae

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