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UAE Economy to be ‘Back on Track’ in Fourth Quarter, Says Al Mansouri
DUBAI — The UAE economy will be “back on track” in the fourth quarter, and the government plans to introduce a new companies law and industry law by the end of this year to help sustain the country’s long-term development, Minister of Economy Sultan bin Saeed Al Mansouri said.
Ministry of Economy officials are also drawing up separate laws aimed at encouraging investment and enhancing the nation’s competitiveness, Al Mansouri told Khaleej Times on Tuesday night.
The minister, speaking at a Dubai Chamber of Comerce Suhour, ruled out a possible contraction of the economy this year, in spite of the dampening effects of the financial crisis.
“We expect lower single-digit growth this year,” Al Mansouri said. “Our key indicators show that economic growth will be back on track by the last quarter of 2009.”
The International Monetary Fund forecast in May that full-year economic growth in the Middle East would halve in 2009 and that the UAE’s economy would contract by 0.6 per cent. The banks HSBC and Standard Chartered both expect the nation’s economy to end the year showing positive growth.
However, UAE officials have said the economy might shrink this year as the global financial crisis reduces international trade and curbs oil production, leading to job losses. Samba Financial Group predicted in July that the economy would probably grow by three per cent next year, after contracting by one per cent in 2009.
The UAE economy expanded by 7.4 percent last year as record oil prices helped boost government income, and the outlook for 2010 is positive, Al Mansouri said.
“In the UAE, we have put the worst of the global economic crisis behind us.”Al Mansouri also dismissed any likelihood of economic deflation by year’s end. “The country will maintain (a) 3.5 to 4 per cent inflation rate this year,” he said. The inflation rate slowed to 3.4 per cent in the first half, compared to 11 per cent in 2008. Retail prices crept upward at an annual rate of 0.3 per cent in July, after a 0.3 per cent decrease in prices in June.
In an earlier address at the event, the minister said that the financial crisis has highlighted investment opportunities available in small and medium-sized enterprises, renewable energy and Islamic banking. An expansion in the number of smaller enterprises, in particular, could help reduce the country’s reliance on oil exports, he said.
· With inputs from Agencies
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