Posted by Neil King
Economic growth in the UAE will more than double to 3.2 per cent this year thanks to strengthening oil prices and increased business activity, it has been claimed.
Minister of the economy Sultan Bin Saeed Al Mansouri predicted the expansion, noting that the government is taking steps to ensure growth by updating the companies law to allow non-locals to hold a higher stake in their businesses and by drafting a law to protect the interests of foreign investors.
In addition, independent financial analyst Raj Madha told the news provider he expected banks in the UAE to have an improved performance this year following the global financial crisis.
Despite the market crash, ten UAE banks posted an increase in profits in 2009, nine of which are listed on the Abu Dhabi Securities Exchange and one on the Dubai Financial Market.
This week, Emirates Business 24/7 reported that Dubai's population exceeded the 1.8 million-mark in the first quarter of this year following rapid growth of 7.5 per cent during the last 12 months.