Impact of the global financial crisis still causing jitters for UAE
On Wednesday, the central bank governor of the United Arab Emirates said that the impact of the global financial crisis was still lingering upon the Mideast's second-largest economy and the growth would be restricted this year.
Sultan bin Nasser Al Suwaidi told reporters on the sidelines of an Islamic banking event in Sharjah, one of the sheikdoms making up the U. A. E, "We are still in a crisis, though it's less intense now. Banks may need to take further provisions this year."
Previous year, the sharp downturn in Dubai real estate prices and lower revenue from oil hit the economic growth in the U. A. E. As per the Zawya Dow Jones calculations, Abu Dhabi that pumps most of the U. A. E.'s oil, earned approximately $43 billion for exports of crude previous year.
He told, "There won't be big growth in the economy. The rates won't be high. Markets have started to stabilize worldwide and this will be reflected in the U. A. E. We should not talk about inflation."
In the month of December, the U. A. E.'s economy minister Sultan Mansouri told that previous year the economy was predicted to grow by 1.3% and 3.2% in the year 2010. On Wednesday, Al Suwaidi, who is one of the most experienced and senior officials in the emirate, added that after the average cost of property in hot spots like Dubai dropped by 50% previous year the prices of home in the U. A. E. were once again reasonable.
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden