Minister: UAE economy to expand 3% this year

16 Feb 2010

(MENAFN) UAE Minister of Economy Sultan bin Saeed al-Mansouri announced that the Gulf state’s economy is expected to expand by nearly 3 percent this year, Reuters reported.

Two months ago, al-Mansouri expected the UAE to grow by 3.2% in 2010. Analysts have cut their 2010 growth forecasts for the second largest Arab economy in the past months due to the impact of debt restructuring at Dubai’s flagship companies.

Al-Mansouri, who had been sticking to his forecast for a 1.3 percent gross domestic product (GDP) growth in 2009 over the past months, said there was no contraction last year but did not comment further.

The International Monetary Fund forecast last month that Dubai woes would continue to be a drag on the UAE economy this year, estimating 0-1 percent economic growth in 2010 versus 0.7 percent contraction in 2009.

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