By Andy Sambidge
Sheikha Lubna says UAE set to achieve 'significant economic gains' despite crisis.
The UAE is poised to achieve "significant economic gains" by the end of 2009, Minister of Foreign Trade Sheikha Lubna Bint Khalid Al Qasimi has predicted.
In an after-dinner-talk at the Ramadan banquet hosted by the ministry of foreign trade, Sheikha Lubna also said that there were strong economic pointers indicating an economic upswing, news agency WAM reported.
She said, with the help of the private sector, the country was on course to achieve three percent growth despite the ongoing global economic crisis, adding that the UAE grew by 7.4 percent during 2008.
The minister hailed the role played by the business councils and the private sector in achieving trade and economic success in the UAE.
Her comments come just days after Sultan Al Mansouri, Minister of Economy, said that the UAE's economy would start to grow again in the fourth quarter of this year.
He said: “The UAE has emerged from the most difficult phase of the crisis with minimal losses. Our key indicators show that economic growth will be back on track by the last quarter of 2009 and start of 2010.”
Yes, it's true . The IMF predicted anything between 1.5% to 3.4% this year in UAE. As the situation is expected to improve significantly in UAE in the 4th quarter (after Ramadan), i guess 3% is something achievable. Again, this is a local source and the IMF did predict that a couple of months back. So all confirm the same: Growth in UAE even in 2009!!!!!!!!!Well done, UAE! Schools are back 100% occupancy- Crazy traffic is back!!! I ca not see any crisis in UAE! All exhibitions will soon be back - Gitex - Air Show - Motow Show - Etc............ There is no substitute to UAE in the entire MEASA region (25% of the globe)! and with this exceptional leadership, UAE is set to further growth in 2010 (double digits). These are FACTS, NOT opinions or predictions.
Omar - Wake up and do the math!
I praise you Omar for your nationalistic feelings and definitely praise you for not seeing any crises in UAE. Your one of a kind.
I am not a local and i would notmind a bit to say the truth as it is. Of course, 2009 is a challenging year for all but what HH the minister is predicting is already confirmed from a reliable transantlantic sources IMF. Of course, the crisis effected us heavily. My personal income dropped aroun d 50% in 2008-2009 but i am saying that we should be a bit optimistic. Otherwise, we will remain where we are. I am not here to challenge how they got growth but figures are figures!
3% is very good. As Omar says it is always good to be optimistic, but optimism should be based on concrete facts! For an example; are we talking in terms of REAL GDP? If yes great, if not???? On the other hand; have impairments in the real estate sector been factored in??? These are also facts, not speculation!!!!
So MENA is '25% of the globe', eh Omer? In fact it accounts for 6% of the world's population, and, generously, 8-9% of world GDP; most of that largely due to the GCC oil economies and Turkey's near-European economy. Many other MENA countries have near sub-Saharan African levels of economic development. MENA, however, does represent about 25% of the world's desert!