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Economy to See Growth in Q4: Al Mansouri

DUBAI — The UAE economy has overcome the worst phase of the global financial crisis and will see growth by the last quarter of this year, Minister of Economy Sultan Al Mansouri said on Sunday.

Al Mansouri cited an increase in UAE consumer confidence over the last quarter, together with slowing inflation in the first half of the year, as additional positive signs of the nation’s imminent recovery. Inflation in the UAE cooled to 3.4 per cent for the first six months compared with 11 per cent during the same period of last 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,” the Minister said in a statement.

He said that the federal government’s efforts to develop the national economic infrastructure and help individual emirates cope with global economic changes were yielding “tremendous results, even over the traditionally slower summer months.”

Government initiatives to try to create a more investment-friendly environment, including the scrapping of capital requirements for most start-up firms, and the creation of a national statistics centre have helped the economy overcome the worst phase of the crisis. The government also is working on a broad plan to develop small and medium-sized enterprises by setting pro-growth policies and providing incentives to attract entrepreneurs, Al Mansouri said.

These steps are aimed at improving “the standing of the UAE national economy on the global map,” he added.

The minister singled out several bilateral agreements initiated over the last few months with “market leaders” from Europe, North Africa, North America and the Middle East. His ministry has also enhanced its relationships with counterparts in Azerbaijan, Turkmenistan, the US and Portugal, in areas ranging from energy and Islamic finance to innovation and technology, he said.

His ministry would continue to ensure market stability and consumer protection. Field visits by ministry personnel are continuing throughout Ramadan to monitor prices and products.

· issacjohn@khaleejtimes.com