Current situation of the UAE economy is much better than that of last year according to the International Monetary Fund (IMF), Governor of UAE Central Bank H.E. Sultan bin Nasser Al Suweidi said today.
”The IMF predicts the UAE economy is nearing the point of balance and this positive result is attributed to China’s allocation of US$ 580 billion to development which pushed average oil prices to $ 65 per barrel in 2009,” Al Suweidi said during a joint meeting with the Federation of Chambers of Commerce and Industry (FCCI) and business community.
He said the surge in world oil prices was a big leap for oil economies and economies of the region at large.
The meeting, which brought together top Central Bank officials with representatives from the FCCI and CEO of companies and investors, took stock of the current situation of the domestic economy and recommended solutions to obstacles the businessmen and investors are facing.
The impact of the world financial crisis on the local economy in general and private sector in particular was figured high in the meeting.
FCCI Chairman Salah Al Shamsi expressed his firm confidence of the UAE business sector’s resilience and vibrancy to survive and overcome the international financial crisis.
Al Shamsi stressed the vital need for public-private partnership and cooperation to maintain the growth rates in view of world economic slowdown by increasing investment in infrastructure projects like roads, transport, real estate, and non-oil exports.
He demanded the apex bank to provide adequate finance to sensitive different sectors to foreign transformation like the tourism, services, and real estate.
He also stressed the need for a new mechanism to facilitate access of deposits to the banking system in a way that serves interest of businesses.
The two sides agreed to set up a joint committee from the FCCI and ministries of finance and economy to assess the reality of the real estate sector in light of the massive urban expansion in the country.
