ABU DHABI — The Oil-rich, Abu Dhabi is projecting to register a single-digit economic growth rate ranging between 4-6 per cent during the year, while expecting year 2010 to be ‘positive’, said Mohammed Nasser Al Sowaidi, the chairman of Department of Economic Development Abu Dhabi. The economy grew by 16.4 per cent year- on- year during the period 2005-07, while in next six years till 2015 it projects an economic expansion of seven per cent, says a document of the Department of Economic Development.
The chairman Al Sowaidi did not give GDP growth rate for 2008, the year in which the oil prices rose to a record high of $147 a barrel, splashing Abu Dhabi with huge increase in revenues and surplus liquidity.
Abu Dhabi, which announced several mega projects in the oil and gas and infrastructure sectors early this year valuing several billion dirham, have many projects in pipeline also to further boost the economy, he said, while talking to reporters on the sidelines of Korea-Abu Dhabi Investment Road Show
held in the capital.
He believed that the year 2010 would be ‘positive’ for the economy, as oil prices are projected to remain in the range of $60-80 a barrel. The performance of financial market in recent weeks shows a positive signs generated by Abu Dhabi’s economy, Al Sowaidi said.
The top economic planner of the emirate hinted the announcement to be made very soon on the guidelines of the specific projects to be launched after arranging budget, with a timeline of 2-3 years, to further stimulate the economy.
haseebhaider@khaleejtimes.com
