Written by Bob Brunskill
The last quarter of the year will see the economy of the United Arab Emirates (UAE) improve, it has been claimed.
According to UAE minister of economy Sultan Al Mansouri, finances will be back to normal by the end of the year, thanks to efforts by the government to develop the national infrastructure.
Ventures in local economies have helped emirates, including Dubai, adapt to changes in the global market, the official stated this week.
Initiatives, such as creating a better climate for investment – including property investments in Dubai - by ending capital requirements and a national statistics centre, were praised.
Sultan Al Mansouri said: "The UAE has emerged from the most difficult phase of the crisis with minimal losses.
"Our key indicators show that economic growth will be back on track by the last quarter of 2009 and start of 2010."
He went on to add consumer confidence has increased, which suggests the financial system is in recovery.
Some 45 per cent of new building projects take place in the UAE, according to a report in the Saudi Gazette.