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Opec cuts to hit UAE economy
- United Arab Emirates: Saturday, February 17 - 2007 at 12:54
The Standard Chartered Bank, in its Middle East daily report, has said growth in the UAE's economy is likely to slow down due to Opec cut backs, reported Bloomberg. The bank forecasts growth to decline from 10.2% last year to 7.8%. But StanChart emphasised that the economy will still experience a high level of investment and the non-oil sector will remain 'buoyant and more broad-based'.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, February 17 - 2007 at 12:54 UAE local time (GMT+4)
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This article was updated on Wed Mar 28 2007.
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