UAE budget balance improves as economy recovers from pandemic

UAE budget balance improves as economy recovers from pandemic

DUBAI - The United Arab Emirates budget balance improved in the first half of the year as the economy began recovering from the COVID-19 pandemic, the state news agency WAM reported, citing a ministerial meeting attended by the central bank governor. Sheikh Mohammed bin Rashid al-Maktoum, Dubai's ruler, said the UAE plans to enter 25 new international markets for foreign trade, with the goal of boosting exports by 50% in the next few years, WAM said in a separate report. The UAE, a commerce and trade hub, was hit hard by the COVID-19 pandemic which had a crippling impact on sectors vital to its economy like tourism and hospitality. Preliminary data in May showed the economy shrank 6.1% in 2020, while the central bank has said it expects GDP to grow 2.5% this year. (Reporting by Maher Chmaytelli; Editing by Toby Chopra) (([email protected]))