The Minister of Economy today predicted 3.2 per cent growth in GDP in the UAE this year, several percentage points above forecasts from the IMF and the World Bank.
Speaking at the Global Dubai Tea Forum, Sultan al Mansouri said the economy had grown by 1.3 per cent last year, a rate that would accelerate this year because of an improving global economic climate and oil prices that remained at about US$80 a barrel. Crude oil traded at above $81 a barrel yesterday.
"The difficult side of it is behind us," Mr al Mansouri said. "Now we are moving on. If you look at the price of oil, it's going up. That's a positive sign that GDP should grow."
The IMF and World Bank have recently forecast flat growth for the UAE economy this year. The IMF in January said the country's economy had shrunk by 0.7 per cent last year, and foresaw a growth rate of close to zero this year.
Mr al Mansouri declined to predict GDP growth for Dubai or the other individual emirates until the Dubai Government-owned group Dubai World has settled a US$26 billion (Dh95.49bn) debt restructuring.
tarnold@thenational.ae
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SPECS
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE%20
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The five pillars of Islam
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COMPANY%20PROFILE%20
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