14 Jun 2010
(MENAFN) UAE’s Central Bank said that the country’s economy is expected to grow at a pace of around 4 percent in 2010 and 2011, on the back of big infrastructure projects, Reuters reported.
Last month, the government had projected growth of around 3.2 percent in 2010.
Central Bank Governor, Nasser Al Suweidi, said that the UAE is embarking on a few landmark projects like the Emirates railway, nuclear power generation for peaceful users and marine transportation network to service the region.
Al Suweidi pointed out that these projects were expected to add value and to help expand the country’s economic sectors which would lead to further diversification away from the oil sector.
The country’s banking system had cushioned the financial crisis well as total assets to liabilities grew 4.2 percent to $408 billion, Al Suweidi said. However, UAE’s economy is expected to lag its Gulf peers this year, as banks in the world’s third-largest oil exporter remain unwilling to lend following a Dubai debt restructuring.
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