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UAE growth seen to accelerate this year

Dubai’s Emirates NBD has raised its forecast for economic growth in the UAE in 2013 to 4.4%, helped by an increase in oil output, Bloomberg has reported. The emirate’s largest bank raised its forecast from 3.8%, putting the second-biggest Arab economy on track for a higher growth rate than Saudi Arabia for the first time in at least four years. It lowered its forecast for Saudi economic growth to 3.9% from 5% after lower-than-anticipated expansion in non-oil industries during the first half of the year.