Dubai: Thanks to the policies taken by the government such as guaranteeing bank deposits and pumping in Dh120 billion to support the banking sector, the United Arab Emirates' national economy has proven its strength and competence in dealing with the repercussions of the economic crisis, said Sultan Bin Saeed Al Mansouri, Minister of Economy, during a press conference yesterday.
"We have the second largest Arab economy," where the gross national product reached Dh914.4 billion in 2009, Al Mansouri said.
After the financial crisis hit in late 2008, the Central Bank and Ministry of Finance infused a Dh120 billion stimulus package to provide a liquidity boost to banks and ease the effects of the credit crunch.
This year, the country's rank came in No 20 at the World Economic Forum in Davos, Switzerland, for the countries which have achieved the best financial development in 2009.
"The oil which used to make up 70 per cent of the gross domestic product in 1971 today makes up 29 per cent of it and the rest comes from non-oil sectors," Al Mansouri said.
Al Mansouri's speech came during the launch of a media campaign called "We are all Emirates."
Among its activities, the campaign will hold the Economic Media Forum 2011 in February next year.
Campaign organisers also announced plans to produce a two-part documentary on the history of the country.
