Central bank funds helped to keep the system stable during hard economic times.
The government’s moves to guarantee bank deposits and pump Dh 120 billion in support into the banking sector have allowed the UAE economy to prove itself strong, according to the Minister of Economy. Sultan Bin Saeed Al Mansouri stated earlier this week that the country has competently dealt with the effects of the worldwide financial crisis.
Al Mansouri noted that the GDP (gross national product) for the UAE hit Dh 914.4 billion last year, making it the second largest economy in the Arab world.
The Central Bank and the Ministry of Finance in the UAE responded to the economic crisis that rocked the globe in 2008 by infusing Dh 120 billion in stimulus funds through the banks, providing more liquidity and easing the pressures of the credit crunch.
The World Economic Forum taking place in Davos, Switzerland ranked the UAE as number 20 in a list of nations that achieved the top financial development for 2009.
Al Mansouri said that back in 1971 the oil sector was responsible for 70 per cent of the nation’s GDP. Currently that sector sits at 29 per cent of the gross domestic product, with the balance brought in from non-oil industries.
The Minister spoke as the media campaign entitled “We are all Emirate” was launched.
Next year’s Economic Media Forum 2011 will be held by the campaign, which is also involved in other activities.
Organizers in the campaign also made an announcement regarding the production plans of a two-part documentary that will cover the history of the UAE.Paul Holdsworth, Staff Writer, Gulf Jobs Market News