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UAE economy will grow by 6.6%

By Agencies


The economy of the United Arab Emirates is in “good shape” and may grow 6.6 per cent this year, even if oil price falls to $60 per barrel, Central Bank Governor Sultan Nasser Al Suwaidi said yesterday.

Economists in a Reuters poll last year forecast the UAE economy – the second-largest in the Arab world – to grow 7.8 percent in 2008.

“The UAE economy is expected to grow 6.6 per cent in 2008,” Suweidi told a conference in Dubai. “As long as there is strong demand for oil and gas and the oil prices average $60 to $80 a barrel the UAE economy will be in good shape.”

It was not immediately clear if he was referring to prices of UAE crudes, which usually fetch a few dollars less than US benchmark crudes. The economy grew 16.48 per cent at current prices in 2007, spurred by growth in non-oil sectors, the Ministry of Economy has said. (Reuters)