Shaikh Khalifa denies reports of inflated investment funds

Dubai: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has denied reports that put the value of the UAE Sovereign Wealth Fund at "more than $800 billion."

"The number is exaggerated and doesn't reflect the reality and size of the UAE investments abroad," he was quoted as saying by WAM news agency on Saturday.

Shaikh Khalifa explained that the funds operate on economic basis, not on political considerations. "We explained this clearly to our partners in the international markets," he said.

Shaikh Khalifa also said that the UAE is now trying to review the conditions of its labour force to improve financial and living situations according to international standards.

"This means there will be no cheap labour in the coming period. The [labour] market will decide," he said.