Oil windfall boosts UAE project prospects – MEED
Oil windfall boosts UAE project prospects – MEED
After six years of public spending curbs, the UAE’s better economic and fiscal outlook raises hopes that project expenditure will pickup
The outlook for the UAE economy improved significantly in the first half of 2022 thanks to the surge in oil prices caused by the war in Ukraine.
In April 2022, the IMF said the UAE’s oil receipts in 2022 would be about AED700bn, up 46 per cent on its October 2021 projection of AED480bn. The revised forecast is based on an assumed average oil price of $107 a barrel in 2022.
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