UAE to see sharp recovery this year: FAB report

UAE to see sharp recovery this year: FAB report

The UAE is likely to see a V-shaped recovery this year, as the economy emerges from the impact  of the COVID-19 pandemic, according to a report issued by First Abu Dhabi Bank (FAB) on Tuesday.The recovery will hinge on factors such as the rebound in tourism and oil prices, as well as  the country's strong links to emerging markets, the bank said in its “2021 Global Investment Outlook Report: Paving the Path for Our Investors to Grow Stronger”.FAB cited signs of improvement for incoming tourism due to pent-up travel demand and the country's successful management of the pandemic.The World Expo that is scheduled to open in October this year will add further strength, while the expected  improvement in tourism, partly fueled by the COVID-19 immunisation drive, will have a positive effect on other sectors, including retail and real estate activity. According to health authorities, the country is well on its way to vaccinate half of its population by the end of March .States in the Gulf Cooperation Council (GCC) region will also benefit from government stimulus programmes and the extra liquidity injected into local economies in response to COVID-19.According to Fitch Ratings, off-budget stimulus has amounted to nearly 30 percent