Business | Economy
Lubna says UAE pumped Dh120b into economy
UAE Foreign Trade Minister Shaikha Lubna Al Qasimi said the UAE government has pumped Dh120 billion into the local economy and the country is able to withstand the current global financial crisis.
- WAM
- Published: 00:00 November 1, 2008
Washington: UAE Foreign Trade Minister Shaikha Lubna Al Qasimi said the UAE government has pumped Dh120 billion into the local economy and the country is able to withstand the current global financial crisis.
During a meeting in Washington with US Dep-artment of the Treasury Undersecretary for International Affairs David McCormick, she said the country has the ability to deal successfully with the crisis to protect the national economy and UAE financial institutions.
The talks covered a number of issues of mutual interest and bilateral relations in various fields, particularly in the economic and political areas.
They also discussed international efforts being made to arrest the current global financial crisis.
She said despite the negative effect of the global financial crisis over a large part of the world, the UAE economy remains solid.
The minister made a presentation about the steps taken by the UAE to deal with the global financial crisis, saying that the UAE, based on the directives of the country's leadership, pumped Dh120 billion into the economy.
She said this reflects the UAE leadership's commitment to provide the necessary guarantee in support of the UAE's banking sector to ensure strong economic growth.
"It also shows the great ability of the UAE government to quickly intervene and respond positively to provide stability to the country's financial and banking sector," she added.
UAE Ambassador Yusuf Mana Al Otaiba said the UAE continues to boast of a very positive investment and economic climate.
He cited the recent approval by UAE cabinet of the 2009 annual budget of Dh42.2 billion, the biggest in the history of the country. The budget represent an increase of 21 per cent compared to the 2008 budget.
McCormick reiterated the US commitment to further boost cooperation with the UAE. He lauded the UAE for its diversified economic policy which led the country to sustainable economic growth. He also lauded the UAE for its successful measures during the global financial crisis.
Share this article
Popular in Business
-
General
Precious jump
Gold prices at new high as India's central bank buys $6.7b worth of gold
Business Editor's choice
-
UAE companies in full force at WTM
Seventy-eight participants are from Dubai and 50 from Abu Dhabi
-
DIFC committed to high standards
Ensures an efficient process to serve the business community
-
Sweet life in the Middle East
A sweet look at the confectionary industry in the UAE and Middle East
