A key bank based in Saudi Arabia expressed better future of country’s growth rate in the coming year as reflected by increasing sectoral performance in Dubai. It claimed that the country may easily withstand pressure added by uncertainties and volatility in the global market.

The Saudi American Bank Group (Samba) admitted slowdown in non-oil economic activity in the second quarter, primarily, due to debt problems in the United States and the European Union. However, it hoped the UAE’s economy; the largest in the Arab World after Saudi Arabia, will perform well given to its structural strength.

SAMBA said in its latest monthly bulletin, “The structural strength of the UAE economy as a whole should allow it to weather the storms currently buffeting global markets as well as continuing concerns over political unrest in the broader Middle East and North Africa.”

PMI (purchasing manager index) data of the current month is enough to indicate the improving economic situation and it mitigates the possibility of any recession or recession like situation in the near future.

Samba projected around 4.4 per cent growth for UAE, led by a 7.4 per cent rise in the hydrocarbon sector.