UAE’s GDP to exceed Dh1 trillion in 2010

Dubai: The value of goods and services produced in the United Arab Emirates this year is expected to exceed Dh1 trillion, Ahmad Humaid Al Tayer, governor of the Dubai International Financial Center (DIFC) told reporters on Wednesday.

"The UAE’s tourism, transport, trade and re-export sectors grew by double digits and contributed to the economic growth. We expect the total GDP of the UAE to exceed Dh1 trillion by the end of 2010,” Al Tayer said at a conference on impact of Arab banking and financial sectors orgainsed by the Union of Arab Banks in Dubai.

Al Tayer said the economic recovery is picking pace in the country with banks and corporates stabilising their balance sheets. “The capital adequacy ratio of the UAE banks are in excess of 20 per cent and the capital set aside for potential loan losses are more than adequate,” he said.