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UAE: Further stimulus announced as economy stutters
The Abu Dhabi emirate government launched another package of initiatives to spur on the local economy on 25 June – the latest in a string of efforts since the Dh50bn ($13.6bn) Ghadan 21 economic stimulus was announced in June last year. Despite further supportive measures since then, growth has been disappointing and Dubai-based Emirates NBD recently cut its GDP forecast for the UAE for this year from 3.1% to 2%, following weaker-than-expected growth last year, not least in Abu Dhabi.
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