Dubai: The UAE economy is set to grow at 1.3
percent this year, the Gulf country’s minister of economy,
Sultan Al-Mansouri, has said.
The economy is expected to grow by 3.2 percent in 2010,
Al-Mansouri said while addressing at the opening session of
the UAE-Azerbaijan joint committee in the UAE capital
yesterday.
The UAE’s progress has created an attractive investment
climate for mega developments, Al-Mansouri said adding that
the economy will be able to "absorb" Dubai World debt.
He said Dubai World’s debts are small and will not
reflect largely on the UAE's overall economy. "The ministry
has completed the preparation of the foreign investment law,
which will grant more protection, and place regulatory
incentives for overseas investors to ensure a favorable
environment for investors to conduct business," he added.
PTI
First Published: Tuesday, December 22, 2009, 12:54