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Sunday, 25 December 2016

UAE better positioned for structural reforms among GCC countries | GulfNews.com

UAE better positioned for structural reforms among GCC countries | GulfNews.com:
"The UAE is making serious attempts to reform its economy and public finances to adjust to the new reality of lower oil prices, and the country has a head start in reforms in terms of economic diversification and larger role for private sector in the economy, said Senior Citi executives.
“There have been efforts at consolidation, be it in the financial sector, in the public sector or the oil sector. This is all in the agenda of driving efficiency and dealing with the new lower levels of commodity prices,” said Elissar Farah Antonios, Citi CEO, UAE.
The UAE is the most diversified economy within the GCC, and thus has been the least vulnerable to the low oil price environment of the past two years. Among the emirates, Abu Dhabi has been in the forefront of fiscal and other economic reforms last year as it bears the greater impact of lower oil prices."

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