UAE growth to slow to 2.7% in '09

by Andrew White Monday, 13 October 2008

Economic growth in the UAE is forecast to slow to 2.7 percent in 2009 from a predicted 4.8 percent this year as the global economic slowdown and credit crunch stunts growth in the Gulf state, Standard Chartered said on Monday.

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The lender said growth in Saudi Arabia is expected to drop to 2 percent next year, while in Qatar growth is forecast to slow to 4.5 percent.
Standard Chartered said economic growth in the United States is expected to slow to 0.2 percent in 2009, while growth in the United Kingdom is expected to fall to -2 percent.

Alex Barrett, global head of client research at Standard Chartered, said the slowdown in the West would create "great opportunities" for Gulf sovereign wealth funds.

"I expect them to invest a great deal going forward," Barrett said at a media roundtable.

Standard Chartered also looked to sure up investor confidence, stating that it has not been impacted by the global financial crisis.

"Standard Chartered remains well capitalised and has a strong liquidity position," Shayne Nelson, regional CEO of Standard Chartered, said in a statement.

"We have no direct exposure to the kind of instruments that have led to the current crisis."



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