UAE Predicts 3.2% Growth in 2010

March 10, 2010
Country sees a period of gradual growth

In sharp contrast to an International Monetary Fund forecast of 0.6% growth, the United Arab Emirates economy is expected to expand by 3.2% in 2010, UAE Economy Minster Sultan al-Mansuri said on March 10.

"The coming period will witness gradual growth, initially, picking up momentum," said Sultan al-Mansuri told a forum in Dubai.

He also said the oil-rich Gulf state's economy grew by an estimated 1.3% last year, although the IMF said last month that the UAE economy had contracted by 0.7% in 2009 due to the global financial crisis.

"Our GDP (gross domestic product) grew 6.2% in 2007 and 7.4% in 2008 and (had) an estimated growth of 1.3% in 2009 and (is expected to grow) 3.2% in 2010," he said.

The IMF said last month that the UAE's economy was "adversely affected by a series of external and domestic shocks in 2009."

These shocks included the global economic slowdown, the shutdown of international capital markets for borrowing and the impact of the "bursting Dubai property bubble in mid-2008," the IMF said.

The economy was also affected by plummeting oil receipts, and a contraction in global trade, logistics and construction activities.

And it was disrupted in the final quarter by Dubai's multi-billion-dollar debt woes, when the emirate's government announced it would seek to freeze debt payments by its largest and most-indebted group -- Dubai World.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!