By Gavin Davids
Diversification is key to growth says econ min, UAE economy forecast to grow 3.3% in 2011
The UAE’s economy is growing faster than expected, the
country’s Minister of Economy said in Dubai Monday.
Sultan Bin Saeed Al Mansouri said economic diversification
was key to growth in the world’s third largest oil exporter.
“There are so many investment opportunities in various
economic sectors that have yet to be tapped," he said during a speech at a
business event in Dubai.
The Gulf state’s economy is forecast to grow by 3.3 percent
this year, the International Monetary Fund said earlier this month.
The IMF predicted in October that economic output of the
OPEC member would expand by 3.2 percent this year, but prospects have improved
as crude prices have touched two-and-half year highs of above $100 per barrel.
Analysts had feared the UAE would be impacted by debt woes
in Dubai, whose economy accounts for some 80 percent of the federation’s
The emirate and its companies will see some $30bn in bonds
and loans mature over the next two years, much of which is linked to state
conglomerate Dubai World.
The government-backed company is expected to sign its
final debt agreement this week, Sheikh Ahmed bin Saeed Al Maktoum said on
The 'final debt agreement' has been close to being signed for some time now!!!! I wonder when, and indeed if, it ever will.
Negotiating and rescheduling larg debts, specially under the current global economic conditions is not a simple task. But Duabi will succeed becaasue of its tremendous asset qualities, quality tourist and business destination status, well managed public sector and the credibility of its leaders. Dubai has joined the ranks of world's top five star capitals and this is no small achievement. We, the private sector business leaders should continue promoting Dubai and building up our reputation assets and keep up the great work that we have done in the last 30 years. God Bless Dubai,