UAE economy has 'proved its competence'

Minister of Economy forecasts 1.3% growth this year, 3.2% in 2010 amid downturn.

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.”

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Kuwait's anti-austerity lawmakers threaten reform plans

Kuwait's anti-austerity lawmakers threaten reform plans

New lawmakers say they are determined to protect basic services...

Power to the people in Saudi Arabia

Power to the people in Saudi Arabia

As Saudi Arabia fights to control surging electricity demand...

RAK to the future: Forging a reputation on the global business stage

RAK to the future: Forging a reputation on the global business stage

Ras Al Khaimah, the UAE’s second-smallest emirate, is quietly...

Most Discussed
sponsoredTracking