Resurging sectoral performance in Dubai along with massive public spending and higher oil prices and production will trigger growth in the UAE this year and enable it to withstand the present global turmoil, a key Saudi bank says.
The Saudi American Bank Group (Samba) said it believes the UAE’s economy, the largest in the Arab World after Saudi Arabia, remains structurally strong despite a slowdown in non-oil economic activity in the second quarter as a result of debt problems in the United States and the European Union.
“The structural strength of the UAE economy as a whole should allow it to weather the storms currently buffeting global markets as well as continuing concerns over political unrest in the broader Middle East and North Africa,” SAMBA said in its latest monthly bulletin.
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