European Debt Crisis will not affect us: UAE Economy Minister

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UAE economy minister
UAE's Minister of Economy Sultan Bin Saeed Al Mansoori speaks at a pre-summit press conference ahead of the World Economic Forum's Summit on the Global Agenda 2010 held in Dubai, 29 November - 1 December 2010. Photo - Norbert Schiller

UAE’s Economy Minister Sultan bin Saeed Al Mansoori has said UAE’s exposure to the European economy is small while adding he does not foresee any problems.

“The UAE has not been affected by the ongoing financial crisis in Europe due to its relatively ‘small’ exposure,” the economy chief added.

Al Mansoori also said that a committee is working over this issue which meets on a regular basis to assess the ever-changing situation.

“The banks in UAE have already taken measures to tackle any situation like 2008. We have learned from 2008 crisis,” the UAE Minister of Economy assured newsmen during a press conference.

Mansoori insisted that his government is optimistic that the Europeans will manage to overcome this crisis.

We believe the UAE should be an active participant in addressing critical global issues such as food security, financial, economic and renewable energy.

When asked whether or not the UAE would offer Greece financial support to alleviate its massive debt crisis, Mansoori said: No, we wont. This is within the framework of the European Union and not the UAE.”

It is worth mentioning that UAE’s economy is expected to accumulate intermediate growth rate of 3 to 3.5 per cent in 2011 from 1.4 percent in 2010 as a result of increase in oil prices and a face-lift in tourism and trade flows.

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