Officials meeting this week in Fujairah said:
“The UAE faces a slowdown in loan growth and real estate activity in fallout from the global financial crisis.”
“States in the world's biggest oil-exporting region are expecting the global problems to put the brakes on a regional economic boom supported by six years of high oil prices.”
“But Gulf economies sitting on surplus oil revenues would continue to post growth as they push ahead with a monetary union plan that has gained momentum during the financial turmoil, United Arab Emirates Central Bank Governor Sultan Nasser al-Suweidi said.”
“'The slowdown will be imposed on us … in everything we will see contractions,' he told reporters on the sidelines of a meeting in Fujairah, one of seven emirates in the UAE federation. 'But I think we will still be growing in all directions in a very comfortable way.'”
“The global crisis could bring Gulf Cooperation Council (GCC) members closer together as five of them, including Saudi Arabia, strive to launch a single currency by a 2010 deadline that had been derailed for years, Suweidi said.”
Source: Ola Galal, Global Crisis to Hit UAE loans, Real Estate, Reuters/Hemscott, 10 November 2008.
Dr Geoff Pound
Image: GCC Logo.
Monday, November 10, 2008
Posted by Geoff Pound at 1:51 PM