According to the senior official of Emirate: Dubai Economy is efficiently dealing well through the problematic global environment and is presumed to develop around 4.5%, with an increasing growth rate in the forthcoming years
During a Financial conference the Chairman of Dubai Supreme Fiscal Committee and uncle of Dubai ruler Sheikh Mohammad bin Rashid Al Maktoum said that the govern have taken possible measures to control government spending and to elude and reduce any shortcomings due to budget deficits.
Sheikh Ahmed also stated that will pursue on goals to manage inflation to maintain the competitive in regard to business of the emirate. Inflation furthered this year due to rise in rents of residential property: the consumer price inflation was 4.2% during November 2014, decreased marginally from 4.4 percent in October, which remained the highest from May 2009.
As said by the UAE Economy Minister Sultan bin Saeed Al Mansouri during the same event that the enormous fiscal revers which the country possess and is rising will make it possible on the expenditure for the upcoming projects in the upcoming years regardless of the recent drop in the oil prices.
He stated few people seemed to be disturbed about the drop in oil price but UAE will efficiently deal with it.
The private economist says that if continued the fall in the Brent crude oil as close to $60 a barrel will effect the UAE to stake a discreetly sized state budget deficit next year. On the other hand economist says that: there is assumption that the deficits shall be efficiently covered through its country reserves.
Dhabi’s chief sovereign wealth fund is assumed to have closely $800 billion of assets, approximately double of UAE’s whole annual gross domestic product.