The UAE economy navigated safely and confidently through the rough sea of the 2008 global financial crisis which rocked most of the world economies, according to a report by the UAE Federation of Chambers of Commerce and Industry (FCCI).
“The UAE economy has made economic gains in various sectors despite obstacles the global trade faced in terms of non-oil exports and imports,” said the chairman of the FCCI, in the federation’s 2008 report.
“Despite the diverse impact of the global financial meltdown on world economies, the UAE has managed to contain the crisis by taking a set of economic, financial and monetary precautionary measures which cushioned the domestic economy,” the report said.
Among these is the Dh120 billion pumped by the UAE government into the banking sector to maintain liquidity, fund vital projects and ensure the growth of national economy.
The report said the private sector contributed 39 per cent, or Dh350 billion, to gross domestic product in 2008 noting that the construction sector continued its robust performance in the first half of 2008. The sector implemented projects worth Dh1,100 billion which were motivated by surging demand for residential and commercial units.