The Abu Dhabi government says it expects to see growth in the second half of the year and into 2010.
Abu Dhabi aims at 7% growth
The Abu Dhabi Government said today it expected to see growth in the second half of the year and into 2010. Abu Dhabi said in January it was aiming at seven per cent annual economic growth through to 2015 by developing its non-oil sector. "Growth in the near-term is going to happen," Ahmad Abu Ghaida, the director of economic research at the Abu Dhabi Department of Economic Development told a news conference. "We have not seen a contraction, but growth is going to continue very soon. We expect to post growth in the second half of 2009 and 2010," he said.
Holding more than 90 per cent of the United Arab Emirates' oil reserves, Abu Dhabi wants to wean its economy away from relying on volatile oil export revenues. Oil prices have slumped from a July peak above $147, putting the brakes on a regional economic boom. * Reuters