UAE economy to grow 3% this year, to review investments

Central bank governor says the UAE will reconsider any 'unnecessary investments'
UAE economy to grow 3% this year, to review investments
By Reuters
Mon 16 Nov 2015 01:57 PM

The economy of the United Arab Emirates is expected to grow 3 percent in 2015, the central bank governor said on Monday, adding the country would reconsider any investments considered unnecessary.

"The government is still continuing with its spending, though they will rationalise any unnecessary investments," Mubarak Rashid Al Mansouri told reporters on the sidelines of a banking conference in Dubai.

The central bank had said in July that the UAE government was expected to trim state spending by 4.2 percent this year in response to reduced revenue because of the lower oil price. Economists polled by Reuters expect the Gulf Arab state to grow by 3.6 percent.

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