Healthy economic growth to be witnessed by UAE in 2010

On Sunday, the central bank governor said that in the year 2010, the United Arab Emirates economy will witness strong economic growth, enhanced by an expected rally in oil prices.

Sultan Nasser al-Suweidi told Al Ittihad newspaper, "The UAE's economy was solid and oil prices rising again will support expected economic growth next year."

He added, without giving a figure that the weaker oil prices and guide to a reduction in the UAE economy in 2009 will also affect the growth.

Due to a decrease in oil prices, the Gulf region has been hard-hit. During the recent surge in oil prices, the prices increased at almost $150 a barrel in mid-2008.

Suweidi told that in the year 2009, he hoped the oil prices to drop by 30% compared to 2008. He added that in 2009, the average price of a barrel of oil might reach between $60 and $63.

So far this year, the price of crude has averaged at approximately $54.67 per barrel, which is below from an average of $99.75 in 2008.