The United Arab Emirates" Minister of Economy, Sultan Bin Saeed Al Mansouri said that UAE"s national economy has proved its competence for overcoming a Kaleidoscope of economic challenges that devastated the world in the wake of the global financial crisis. "UAE"s merit can be attributed to the wise policies of economic diversification adopted by the country"s leadership and this has enormously enhanced the durability of the economy". The UAE Economy minister was speaking at a meeting with EU (European Union) ambassadors, led by Ambassador of Sweden to UAE Bruno S. Beijer. He added that the tenacity of the country"s economy was fully confirmed by President Sheikh Khalifa bin Zayed Al Nahyan on several occasions, the latest being his interview with Kuwait"s News Agency (KUNA). In that interview the President had stated that "in respect of the global economic crisis, by virtue of our strong economy, and our prudent management of our public and private institutions, we were able to contain the negative effects of the crisis and overcome many of its results and implications. We have the ability and determination to continue our work in this direction for the completion of the steps we have taken in this area with the aim to remove all the obstacles that dampen the continuation of the momentum of the development process", the minister recalled. During the meeting held in Dubai, the UAE Economy minister reviewed a host of quality achievements and successes that were realized by the country"s economy at various levels. He noted that the economic growth showed a strong tendency whereas the growth rate stood at 6.2pc in 2007 and at 7.4pc in 2008. The economy is projected to grow by 1.3 percent during the current year and by 3.2 by the coming year. He pointed out that growth rates in 2008 can not be considered an essential criterion for comparison as it had witnessed inflationary pressures and economic booms in various sectors. He suggested that the process of economic growth will see a gradual rise in the coming phase finally reaching the stage of rapid growth after containing the repercussions of the global financial crisis. The Minister reiterated that the success of the UAE"s Federal experience contributed to the building of an ideal and civilized country that enjoys a privileged position at the regional and global levels and retains the confidence of major global economies. WAM/AB WAM 1240 2009/12/12
