UAE’s non-oil economic growth resilient to oil slide | GulfNews.com:
"The UAE’s non-oil economic growth remains strong despite the sharp fall in global oil prices from the second half of this year according to economic forecast by two leading banks such as Abu Dhabi Commercial Bank (ADCB) and Emirates NBD.
“The UAE’s economic outlook remains compelling, in both a Middle East and North Africa and emerging market context, despite the sharp fall in the oil price from mid-2014. Our view remains that the non-oil economy is in the process of a cyclical upswing marked by broad-based growth,” said Monica Malik, Chief Economist of Abu Dhabi Commercial Bank.
ADCB has forecast the real non-oil GDP above 5 per cent in 2015 and 2016. The progress of key investment projects will be a particularly important driver of real growth and is expected further spur private consumption and external growth with population growth and the expansion of economic capacity."
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