Key View

• At Fitch Solutions we expect the UAE’s real GDP growth will slow from an estimated 7.8% in 2022 to 3.5% in 2023.
• Fading base effects, slower hydrocarbon production growth, lower oil prices and slower expansion in the tourism sector will be key drivers of the economic slowdown.
• Risks to the outlook are skewed to the downside. Lower

Key View

• At Fitch Solutions we anticipate lower global oil prices and slower hydrocarbon production growth will slow Abu Dhabi’s real GDP growth from an estimated 9.7% in 2022 to 3.2% in 2023.
• Despite the slowdown, growth will remain above historical trend rates due to still-elevated oil prices and production levels.
• Risks to the outlook

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• We project the UAE's real household spending to grow 4.0% in 2023, the same rate as in 2022.
• The growth will largely be due to elevated domestic fuel prices, rising rental prices and strong demand-side pressures in 2022, that led to the tightening of monetary policy and lower real household spending growth. As a result, there will be

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• Technology will play an increasingly prominent role in the fight against counterfeit medicines in the UAE.
• Reduced illegal trading and counterfeit drugs in the market will increase public and industry confidence.
• Better oversight of the drug supply chain will help reduce drug shortages.

Technology will play an increasingly

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• Educational projects targeted at patients and healthcare professionals will contribute to drug sales growth in the UAE.
• Novartis will continue to invest in medical communications initiatives in the UAE to support key portfolio therapeutics.
• Cardiology and oncology will remain key therapeutic areas for medical communications

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• AD Ports' acquisitions of Noatum and Global Feeder Shipping in November 2022 will significantly expand the company's maritime footprint and strengthen its positions in the Mediterranean, the Red Sea and the Arabian Gulf, Northern and East Africa, as well as its access to India and South East and East Asia.
• The deals worth USD680mn

Key View

• Increased local pharmaceutical manufacturing capacity will slow the growth of the UAE’s pharmaceutical import reliance.
• Local and multinational firms will continue to invest in the UAE to access the growing MENA diabetes market.
• The frequency and size of Pure Health’s UAE local manufacturing agreements will increase in the medium

Key View

• At Fitch Solutions, we forecast the UAE’s growth at 6.0% in 2022, exceeding historical trends.
• Rising hydrocarbon output, robust tourism recovery, elevated oil prices, work on major infrastructure projects, and strong domestic demand will support economic activity.
• While slowing oil production will cause headline growth to

Key View

• Agricultural technology start-up Pure Harvest has raised an additional USD180.5mn in its largest fundraising round yet as it eyes further expansion in the Middle East and Asia, outside of the markets where it has an existing presence: the UAE, Saudi Arabia and Kuwait.
• Asian markets with targeted drives for self-sufficiency and robust

Key View

• Our 2022 forecast for real household spending is growth of 4.2%. The growth in household spending will be aided by increasing economic activity amid an improving epidemiological situation, particularly as the UAE has made significant progress with its vaccine rollout.
• We note that rising inflation stemming from supply chain