Impact of financial crisis on UAE is limited: Nahyan

Abu Dhabi: The impact of the global financial crisis on the UAE economy is limited, the country's Minister of Higher Education and Scientific Research, Shaikh Nahyan Bin Mabarak Al Nahyan said here yesterday.

"Thanks to our wise leadership, we have made sure that the impact of global financial crisis is contained, as much as possible," Shaikh Nahayan told reporters on the sidelines of an industry conference.

"We have made sure the development plans of the country continue and the infrastructure projects get completed on schedule," he said.

"Nothing has been cancelled [due to the financial crisis]. Of course, we review the situation as we are in a global economy and we get affected by it," said Al Nahayan.

Salah Salem Bin Omair Al Shamsi, the president of the Abu Dhabi Chamber of Commerce and Industry, said the outlook for the UAE economy remained positive.

For Abu Dhabi, in particular, he said the government has said that an annual growth rate of 7 per cent was sustainable for the next five years.

"This is very good, compared with some of the other developed economies, which are likely to witness lesser growth," Al Shamsi added.

The UAE's gross domestic product (GDP) in 2007 reached Dh729.7 billion, according to the Ministry of Economy.

In December, the UAE Central Bank governor, Sultan Bin Nasser Al Suwaidi, forecast that the country's gross domestic product (GDP) would fall to single-digit level in 2009 due to the global financial crisis. He said the national economy was poised to slow down in 2009 and 2010.

At a glance: Buoyant outlook