UAE economy to grow 1.5%

Dubai: The UAE's economy will grow 1.5 per cent this year and "rebound further in 2010", Nasser Saidi, chief economist of the Dubai International Financial Centre, said at a conference in London yesterday.

"The rebound will come earlier in the Gulf than in Europe or the US" because of high oil prices, infrastructure spending and stronger investment links to Asia, Saidi said. He doesn't expect "any double dip" in Dubai's economy.

Gulf Arab economies will grow 5.2 per cent next year, he said.

Meanwhile, Sultan Bin Saeed Al Mansouri, Minister of Economy, has underlined the need to unify Arab efforts in supporting common economic interest and increasing trade among Arab countries.

During his meeting with Mohammad Al Hussain, Syrian Minister of Finance, he said that investment opportunities would have to be explored that could benefit economic growth in the Arab world.

Dr Rostom Al Zoubi, Syrian Ambassador to the UAE, and a number of senior officials were also present.

They underscored the need to follow up results of the UAE-Syrian Joint Econ-omic Committee meeting held in Abu Dhabi, where both sides agreed to focus on economic areas that are considered strategic cooperation objects for both countries, by following work on a monthly basis and communicating directly with stakeholders by organising field visits by UAE businessmen to Syria.

The two sides also stressed the importance of taking advantage of the benefits provided by each agreement on encouragement and reciprocal protection of investments signed by both countries in 1988 and the agreement on avoidance of double taxation on income signed in 2000, which contributes to facilitating capital movement and establishing joint ventures between the two countries.

On the other hand, Al Hussain expressed his country's keenness to provide facilities and possibilities that could contribute to the development of economic relationships with various economic actors in the UAE. He said there are many vital sectors that provide the right opportunities for UAE investors, particularly in tourism, industry, insurance and services.

Al Mansouri directed the joint committee to implement what has been agreed upon during the meeting of the committee.

Invitation

He received an invitation from his Syrian counterpart to visit Syria to view investment and economic reality and to explore ways to develop economic relations between both countries.

Meanwhile, Dr Saeed Mohammad Al Shamsi, UAE Ambassador to Australia, and Dr Glen Simpson, Chairman of the Council for Australian-Arab Relations (CAAR), had a meeting at the UAE Embassy and discussed bilateral relations between the two countries.

Dr Glenn briefed Shamsi on the results of his recent visit to the region.

On his part, the UAE ambassador provided an overview of the comprehensive development achieved by the UAE and the excellence of the national economy.