Middle-east Arab News Opinion | Asharq Al-awsat

UAE Economy May Grow 6.6 Pct This Year -Cenbank - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI, (Reuters) – The economy of the United Arab Emirates is in “good shape” and may grow 6.6 percent this year, even if oil falls to $60 per barrel, Central Bank Governor Sultan Nasser al-Suweidi said on Sunday.

Economists in a Reuters poll last year forecast the UAE economy — the second-largest in the Arab world — to grow 7.8 percent in 2008.

“The UAE economy is expected to grow 6.6 percent in 2008,” Suweidi told a conference in Dubai. “As long as there is strong demand for oil and gas and the oil prices average $60 to $80 a barrel the UAE economy will be in good shape.”

It was not immediately clear if he was referring to prices of UAE crudes which usually fetch a few dollars less than U.S. benchmark crudes.

The UAE economy grew 16.48 percent at current prices in 2007, spurred by faster expansion in the oil and gas sector and growth in non-oil sectors, the Ministry of Economy has said.

Non-oil sectors made up 65 percent of GDP, the ministry said.

The ministry has not released a figure for real GDP growth in 2007. However, economists in the Reuters poll put the UAE’s economic growth last year also at 7.8 percent.

Investment in real estate, finance and infrastructure is spurring growth in the UAE, the world’s fifth largest oil exporter.

Oil rose to near $99 a barrel on Friday as an incursion into Iraq by Turkish troops and cold weather in the U.S. Northeast outweighed concerns about mounting problems in the U.S. economy.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube