UAE to maintain budget surplus till 2019 despite oil collapse

17 Dec 2014

(MENAFN) The UAE’s Ministry of Economy said that it is confident that the country is able to maintain a budget surplus until at least 2019 even as oil prices continue with their decline, Gulf News reported.

The ministry also said that the country will be able to absorb shocks to its economy in the short-term from the falling oil price, which has reached its five-year low, adding that it does not see the need to use its foreign assets, which include foreign currency reserves, to fund any of its current projects.

“If there is a need for that it could come from the reserve, but I do not see at this time a need to do that because we do not have major projects to go for and whatever we have now we can manage,” The UAE Minister of Economy said in a recent event.

The Ministry also confirmed that the projects in Dubai, which include the USD32 billion expansion of Al Maktoum International Airport in Dubai World Central and the USD544.41 million Dubai Creek expansion, are expected to go ahead as planned.

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