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Sat 21 Nov 2009 09:12 AM

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UAE expects to see up to 3% economic growth in 2010

Economy minister Sultan Bin Saeed Al Mansouri says 'positive' on 2010 outlook.

The UAE will see economic growth of up to 3 percent next year, the country's economy minister said on Friday, reiterating that growth would be a more tepid 1.3 percent this year.

Sultan Bin Saeed Al Mansouri was speaking to reporters on the sidelines of the World Economic Forum meeting in Dubai.

Asked about the UAE's growth outlook for 2010, he replied: "We are very positive about (growth). My expectation is we will manage up to 3 percent."

The global credit crunch sent the top Gulf Arab economies - Saudi Arabia and the UAE - into a downturn this year but high state spending and a turnaround in oil prices are helping the world's top oil-producing region get back on its feet.

For this year, Mansouri said growth would be a modest 1.3 percent.

"If you take inflation which used to 12 percent and now it's down to 3 percent, if you minus that from the overall GDP growth as it is calculated, we will manage 1.3 percent (growth) in 2009.

Inflation, a major headache in the region in the year of an oil and property-fuelled boom, has dropped sharply in the world's third largest oil exporter. Last year, UAE peaked at 12.3 percent. (Reuters)

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