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Abu Dhabi’s 2030 plan alone is forecast to require infrastructure spending of 0 to 0bn over the coming several years.
This large development programme – while undoubtedly giving a boost to the UAE’s GDP – could also result in major ramifications for the country’s banking and financial system.
…The total workforce of nationals in the private sector, which is the primary supporter of the country’s economy, has not exceeded one percent since the formation of the country.
Despite the huge size of the UAE economy and despite it being one of the fastest growing economies in the region, which is capable of creating thousands of jobs annually in the private sector alone, it has not been able to find suitable employment for its citizens who want to work but cannot find jobs.
With the second largest economy in the region, the United Arab Emirates struggles with its demographics.
Native UAE citizens account for only ten percent of the population. Unemployment is a major problem because, since the formation of the country, UAE citizens were only one percent of the private sector workforce. It’s historic role as a hub for trade is one of them.
During the boom years most, if not all, UAE banks were on steroids.
Common sins they committed in the chase for ever-higher margins and profitability included a short-sighted strategy of lending long and borrowing short, as well as overstretching their loan books.