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FINANCIAL NEWS
UAE attracts USD8.2b of funds from Arab Spring states
11 Feb 2013
(MENAFN) The UAE’s prime minister, Sheikh Mohammed bin Rashid al-Maktoum, stated that the political turmoil that swept several Arab countries resulted in the transfer of nearly USD8.2 billion to the UAE, reported Reuters.
The prime minister said that the amount came mainly from Egypt, Tunisia, Syria, Yemen, in addition to other Arab states, following the onset of the political and economic upheaval in early 2011.
Sheikh Mohammed also stressed that since the uprisings started, the UAE has vowed to grant billions of dollars to cash-strapped Arab countries, with several UAE firms showing interest in investing in North African countries.
It is worth noting that the UAE with its political and social stability managed to attract businesses from various regions in the world, according to the prime minister, who noted that Dubai’s position as a global business hub has also drawn a large portion of the Arab Spring capital.
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