ACCI members review indicators of economic recovery

Business Bureau, Gulf Today

Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry, chaired a panel discussion titled “Indicators of Economic Recovery” within the series of panels organsied by the Ajman Chamber for its employees. Among the attendees at the panel was Salem Al Suwaidi, the Director General.

Speaking to the attendees, Al Muwaiji emphasised the importance of those sessions and their role in enhancing the experiences and knowledge of the employees and familiarising themselves with various topics related to the nature of the work of Ajman Chamber. These sessions further help come up with proposals and recommendations that increase the quality of the work environment and services offered to the Chamber’s employees and customers.

The panel discussed indicators of the economic recovery through the growth taking place in the GDP as an economic indicator reflecting the total value of goods and services, which were produced during a specific period of time usually during 12 months. The growth rate of the GDP at the current prices of non-oil sectors increased by 2.9 per cent at the end of 2018 compared to 2017.

The net profit of 8 national banks listed in the local financial markets increased to about Dhs38 billion in 2019 with a growth of 17.2 per cent, compared to Dhs32.414 billion in 2018, reflecting the momentum in the profitability of the banks that disclosed their financial statements the extent of development witnessed in the sector.

The panel discussion also reviewed the rise of domestic lending during 2019 compared to 2018 for several reasons, most notably the improvement in the performance of the main economic sectors, the increase in government support for the SMEs and the decrease in interest rates three consecutive times during 2019. This encouraged investors, businessmen and individuals to borrow.

For the tourism industry, which is one of the major economic indicators, 16 million tourists visited the UAE in 2017, with a growth rate of 6.5 per cent, according to the Business Monitor International Research Foundation.

For his part, Al Suwaidi explained that the economic sector in the UAE is characterized by flexibility and dynamism, stressing that its economic diversity supports the continuous growth of the sector and positively affects the rest of the sectors in the country. He also praised the guidance of the wise leadership and the government’s efforts in providing factors that stimulate sustainability and growth.

He further pointed to the necessity of joining efforts to increase the contribution of the agricultural sector to the country’s economy and to provide the necessary support for entrepreneurs to establish agricultural projects, especially in light of the development of agricultural tools and methods such as water and organic agriculture and others.

Earlier Abdullah Al Muwaiji, Chairman of Ajman Chamber of Commerce and Industry (ACCI), received a Russian economic delegation from the city of Belgorod led by Zubov Vladimir Konstantinovich, head of the Consumer Market Development Department at the Economic Department of Belgorod City, to enhance the mutual cooperation and discuss available investment opportunities in various sectors.

Among the attendees at the meeting, which was held at Ajman Chamber, were Sheikh Sultan Bin Saqr Al Nuaimi and Abdullah Saeed Al Nuaimi — members of the Board of Directors of Ajman Chamber, Salem Al Suwaidi, Director General, and Mohamed Ali Al Janahi, Executive Director of the Promotion and Investment Division at Ajman Chamber, along with a number of representatives of government departments, companies and factories in Belgorod.

Speaking to the attendees, Al Muwaiji stressed the depth of relations between the UAE and Russia, briefing the delegation about the most important investment opportunities available and the various components that characterise the economy in the Emirate of Ajman and the UAE. He also pointed out that the UAE’s economy is distinguished with a continuous development, which enhances the opportunities available and in all fields thanks to the follow-up and keenness the prudent leadership.

He said, “The UAE is keen to enhance the cooperation with Russia, which is reflected in the volume of trade exchange between the two countries, where the non-oil trade exchange between the two countries during the past five years reached Dhs51.7 billion, growing by 36 per cent in 2018 compared to 2017.”

Furthermore, the trade statistics between Russia and the Emirate of Ajman indicate possibility of more future growth in the light of the Russian companies operating in the emirate that amount to 480 companies, he added.