Markets turmoil may hamper Abu Dhabi’s growth

21 Aug 2011

(MENAFN) Abu Dhabi’s Department of Economic Development’s undersecretary, Mohamed Omar Abdullah, said that global markets unstable situation and the sharp decrease in the price of oil may hamper Abu Dhabi’s long-term economic growth plans, reported The National.

The undersecretary also said that the capital has been aiming to boost the growth in non-oil sectors of the economy by up to 10 percent a year in order to contribute 64 percent of the country’s GDP by the end of 2030.

Abdullah added that if the capital is able to preserve the scale of the country’s growth, it would be considered a great achievement. However, with changes in the market, changes in the oil price, this period may represent a challenge for the Department of Economic Development’s vision.

It is worth mentioning that the price of crude oil for September delivery closed on last week at more than USD82 on New York’s Mercantile Exchange. The decline capped a fourth week of price drops that have pushed the price of crude down 10 percent this year.

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