Saturday 30 June 2012

UAE in strong place as world turns defensive - The National

The UAE economy is today enjoying a period of stable growth, three years after the contraction it suffered during the peak of the global financial crisis.

Credit Suisse believes that over the next two years, the UAE will continue on a path of gradual recovery, with GDP growing at about 3 to 4 per cent year on year. Sustained high oil prices, domestic demand growth and prudent fiscal policies are critical factors in the country's ability to sustain growth.

Although the Emirates seems less oil-dominated than other GCC countries (with net oil exports accounting for 30 per cent of GDP compared with 50 to 60 per cent in Saudi Arabia, Qatar and Kuwait), net oil exports play a key role since they also are a major growth driver for other key sectors, especially banking and real estate.

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