The Central Bank stated that the employment rate in the private sector increased in the fourth quarter of 2019 by 2%, supported by positive developments in the macro economy and the growth of non-oil activities, as all sectors witnessed an increase in the number of jobs with the exception of the construction sector, and 38 thousand and 765 jobs were created New, on a net basis in the fourth quarter of 2019.

Work permits

The «Central», in the quarterly review report issued yesterday, that the total of newly issued work permits rose on a net basis in the UAE, to reach 64.6 thousand permits in the last three months of last year, compared to the same period of 2018, where the Emirate of Abu Dhabi recorded the highest An increase of 53.6% of the net new permits, while Dubai Emirate acquired 43.7% of them, and the rest was distributed among the other five emirates.

The report dealt with personal financial transfers, as it showed that personal transfers in the fourth quarter of last year recorded a growth of 1.8%, which is a significant improvement compared to the same period in 2018, which recorded negative growth, indicating that this growth came in line with the high rate of employment in the country , During the last quarter of 2019.

Workers' remittances

He pointed out that the total remittances of workers in 2019, amounting to 165 billion dirhams, of which 130.7 billion dirhams were transferred through exchange companies, while the banks implemented transfers worth 34.3 billion dirhams, noting that India recorded the first destination for transfers, due to the high share of Indian workers from The total expatriate workforce in the Emirates, then: Pakistan, the Philippines, Egypt, the United States and the United Kingdom came in the following ranks.

real estate market

On the developments of the real estate market in the country, the report showed that the average prices of residential real estate in the UAE continued to decline during the last quarter of last year in both Dubai and Abu Dhabi, where Dubai real estate witnessed a decrease of 5.7% in the fourth quarter, on an annual basis, while Abu Dhabi residential properties witnessed a decrease of 7.5%.

The «Central» in his report pointed to the real GDP growth of the UAE by 2.9% in 2019, driven by the growth of the non-hydrocarbon sector by 1.1%, and the hydrocarbon sector, which grew by 7.6% due to the high increase in natural gas production and its condensate.

The real GDP in the UAE, according to the same estimates, increased by 1.3% in the fourth quarter of 2019, and the pace of real non-hydrocarbon GDP growth accelerated by 2.4% during the same quarter.

The CBE report showed that economic confidence indicators improved in the last quarter of last year, benefiting from an increase in government spending on an annual basis by 3.3% in the third quarter of 2019, compared to a decrease of 4.1% in the previous quarter, in addition to the increase on the basis of Quarterly rate of 4.2% in oil prices, which boosted confidence in the economy. In parallel, employment in the private sector increased by 2% year on year, compared to an increase of 1.1% in the previous quarter.

The quarterly audit report of the Central Bank showed that deposits in the banking system increased in the last quarter of 2019 by 6.5% on an annual basis, mainly driven by the increase in deposits of government-affiliated companies and private sector deposits.

Credit growth accelerated, increasing by 6.2%, which is higher than in the second and third quarters of 2019. Financial safety indicators continue to reflect the integrity and stability of the banking system.

The balance sheet of the Emirates Central Bank witnessed an increase in the fourth quarter of 2019, thanks to the increase in foreign assets.

interest rates

Interest rates in the interbank market in the UAE decreased, in line with the lowering of the primary interest rate of the US Federal Reserve last October, while the difference between the "EIBOR" and the "LIBOR" rate on the US dollar decreased. The 10-year interest rate differential between the dirham and the dollar has also decreased.

India ranks first with remittances, due to its high share of expats in the Emirates.

Dubai acquired 43.7% of the total work permits.

2.9%

Real UAE GDP growth rate in 2019.

64.6

A total of newly issued work permits in the Emirates within three months.