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Tue 15 Jun 2010 03:39 PM

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UAE financial position 'sound', says top official

Finance minister says GDP 'growing steadily', economic indicators are 'positive'.

UAE financial position 'sound', says top official

The UAE's financial situation is "sound" and economic indicators are "positive", Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said on Tuesday.

"The gross domestic product (GDP) is growing steadily and the situations are positive in general," the minister told a Federal National Council session.

Al Tayer said his ministry had reaped interests amounting to AED3.2bn from 39 agreements the UAE has signed with other countries, news agency WAM reported.

The ministry, he added, has also collected AED450m out of AED1.5bn in deferred revenues like rents and debts which have not been deposited to the state coffers for a number of reasons.

Al Tayer indicated that the Emiratisation rate has so far reached 35 percent in technical jobs and 56 percent overall.

On Monday, UAE central bank Governor Nasser Al Suweidi said the economy would grow at a pace of around 4 percent this year and next on the back of big infrastructure projects.

Last month, the government had projected growth of around 3.2 percent in 2010.

"The UAE economy will grow in 2010 and 2011 at an expected range of roughly 4 percent," Al Suweidi told an Islamic finance conference in Singapore.

"The UAE is embarking on a few landmark projects like the Emirates railway, nuclear power generation for peaceful users and marine transportation network to service the region."

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