27 June 2024
1 mins clock icon

Monthly Insights - June 2024

A round-up of our key research and forecasts in June 2024

By Swapnil Rajasekharan Pillai

The easing cycle has started for some of the world’s major central banks this past month, with the ECB, Canada, and Switzerland all cutting their benchmark rates. The Federal Reserve kept the Fed funds rate on hold, and the dot plot projection was adjusted to one cut this year from three previously, but the next move will still more than likely be downwards. We have maintained our forecast at two cuts this year of 25bps each.

 

Within the region, the PMI surveys for the UAE, Dubai, and Saudi Arabia all slipped modestly in May compared with April, and the second quarter is looking weaker than Q1. Nevertheless, they remain well within expansionary territory, and other indicators and developments have continued to show robust activity. Dubai real estate continues to outperform, with an all-time high of 15,800 residential units transacted in May, an increase of 42% m/m and 45% y/y. In Saudi Arabia, there has been a substantial issuance in sovereign debt as the kingdom remains committed to funding its ambitious infrastructure development programme.

Click here to download Monthly Insights June 2024

Written By

Swapnil Rajasekharan Pillai Director, Real Estate Research

Daniel Richards Senior Economist

Jeanne Walters Senior Economist

author-avatar-placeholder

Emirates NBD Research Head of Research & Chief Economist


There was an error during your feedback!

Your feedback is valuable to us and will help us improve.

Swapnil Rajasekharan Pillai

Related Articles

Subscribe to our newsletter and stay updated on the markets

There was an error during your newsletter subscription!

Please try again to stay updated with all the latest financial news and valuable insights.

Thank you for newsletter subscription!

To stay updated with all the latest financial news and valuable insights.