UAE economy has 'proved its competence'

The UAE’s economy has proved its competence for overcoming the global financial crisis, the Minister of Economy said on Saturday.

Sultan Bin Saeed Al Mansouri said the “wise policies of economic diversification adopted by the country's leadership” had lessened the impact of the downturn in the country, WAM reported.

His comments follow those of UAE President Sheikh Khalifa bin Zayed Al Nahyan, who in his National Day address, said that the country’s “strong economy, and our prudent management of our public and private institutions, we were able to contain the negative effects of the crisis and overcome many of its results and implications.”

Speaking at a meeting in Dubai with EU ambassadors, Al Mansouri said the UAE economy was projected to grow by 1.3 percent this year and 3.2 percent in 2010.

He told the news agency that economic growth this year could not be compared to 2008 because of the “economic booms in various sectors” last year.

He said: “Economic growth will see a gradual rise in the coming phase finally reaching the stage of rapid growth after containing the repercussions of the global financial crisis.”