Strong oil prices will ally with lower expenditure to bolster the UAE’s fiscal position in 2011, with Abu Dhabi’s balance turning positive and Dubai’s budget shortfall projected lower, a key Saudi bank has said.
Abu Dhabi’s budget balance will also be strengthened by revenue from its state oil company ADNOC and return from its massive overseas assets, controlled mainly by the Abu Dhabi Investment Authority (ADIA), National Commercial Bank (NCB) said in a study sent to Emirates 24/7.
Citing official data, NCB said Abu Dhabi projected a budget a deficit of Dh84.9 billion in 2010 based on an oil price of about $60 a barrel.
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