UAE 'to have double-digit budget surplus in 2010'

04/03/2010 - Dubai Investment News
UAE 'to have double-digit budget surplus in 2010'

Posted by Neil King

The UAE will return to a double-digit budget surplus this year thanks to rising oil prices and the country's plentiful financial assets, it has been claimed.

A research note issued by investment bank Nomura International argued that the UAE's high per capita gross domestic product (GDP), extensive hydrocarbon reserves and offshore assets all provide "a considerable buffer" to the country's finances.

Ann Wyman, an analyst for Nomura International, said: "A look at the country's net external position in aggregate reveals that it remains one of the world's largest creditors, at a level of more than 100 per cent of GDP, leaving it with ample room to service its debts."

Nomura said that the UAE ranks as one of the world's strongest countries on the Nomura Sustainability Scorecard, which measures fiscal risk.

Last month, Emirates NBD, the largest banking group in the Middle East, opened its first private banking centre in Abu Dhabi.
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