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ADCED in talks with locals over new SMEs’ finance tools

Abu Dhabi’s economic diversification strategy helped it withstand the impact of tumbling oil prices

The Abu Dhabi Council for Economic Development has revealed that it’s currently in extensive talks with the country’s local banks to explore and urge them to introduce new financing tools for small and medium enterprises.

The council said some new financing tools have, in fact, been already adopted while taking risk balance into account for both banks and enterprises.

It added that the decline in crude oil prices left no impact on project execution or economic growth in Abu Dhabi, Emarat al-Youm reports.

Speaking at a press conference, Director-General of ADCED, Fahad Saeed Al Raqbani, said the emirate’s major projects and ventures are continuing as scheduled and without any delay.

He highlighted the emirate’s economic diversification strategy, which helped it withstand the impact of tumbling oil prices, noting that oil revenues comprise 51 per cent of the emirate’s gross domestic product.

Al Raqbani denied that rationalising public expenditure means cancelling or delaying projects and said this approach is followed by most world countries.

He stressed that posting an economic growth of 3.5 per cent this year – according to economy ministry projections – will be a major development in light of the hardships many countries continue to experience these days.