ICBU: UAE Economy is on the Way to Collapse

Oct 07 2019
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ICBU: UAE Economy is on the Way to Collapse

 

The international campaign to boycott the UAE has warned international and regional companies, investors and businessmen against investing in the UAE due to the indicators of the collapse of the UAE economy and the worsening of the economic crisis. The Emirate of Abu Dhabi has returned to borrowing from international markets again; to enhance the financial revenues in the country, in order to fill the deficit faced by Abu Dhabi plans to sell $ 10 billion in three-tier bonds, the first such move in nearly two years, to take advantage of the relatively low cost of borrowing.

Abu Dhabi will sell 5-year bonds worth $ 3 billion, 10-year bonds worth $ 3 billion and 30-year bonds worth $ 4 billion, according to Bloomberg News. In return, the government pays a certain level of interest at regular intervals, known as a coupon, and governments resort to this step to avoid a deficit.

More than 180 SMEs have emerged from the UAE market since the beginning of 2017, due to the expected consequences and losses after the introduction of VAT in the UAE in 2018, and political fluctuations in the UAE have directly affected investment in the country, What contributed to the reluctance of venture capitalists to work out, and seek a safe haven.

Rising global anger over the UAE’s arrest of foreigners has blocked the Gulf’s brilliant economic ambition and has left international companies and businessmen reluctant to go to it. Experts in the Gulf economy say salaries are falling in the UAE and property prices are falling, corporate profits and shops are falling. Retail has declined, and the number of tourists is small or worse. Meanwhile, UAE government debt has risen from 15% of GDP to 20%, according to the British newspaper.

The United Arab Emirates continues to violate human rights, especially women’s rights and equality before the law. The boycott campaign calls on the international community to intervene immediately to stop human rights violations in the UAE and to oblige the UAE authorities to respect human rights laws. The campaign also called on all countries that respect human rights laws and the free world to boycott the UAE because they violate human rights on a daily basis, whether in the war in Yemen or with neighboring countries or their citizens or residents.

 

The boycott campaign said it was launched in light of the endless human rights abuses practiced by the UAE, as well as the war crimes it committed in Yemen and abuses of workers’ rights, as well as the UAE being the center of modern slavery. The UAE is today one of the leading countries in human trafficking and is a major supporter of terrorist groups in Syria and other parts of the Middle East.