United Arab Emirates (UAE) Economy Minister Sultan Bin Saeed Al-Mansouri said economic recovery is still very challenging, despite citing numbers suggesting the emirates' economy has picked up at a press conference on Saturday.
The UAE has been growing between three to 3.5 percent in 2010 after the 1.3 percent in 2009, the UAE minister said, noting "in 2008, we established a government committee to tackle the impact of the global financial crisis. Our measure to pump 33 billion U.S. dollars into the domestic banking was a key measure to stabilize the national economy."
During the third quarter of 2010, combined UAE bank profits jumped 46 percent year-on-year.
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