Abu Dhabi – Mubasher: The UAE’s economy is expected to grow by 4.2% in 2019, supported by higher oil prices and a stronger non-oil sector, Mubarak Rashed Al-Mansoori, governor of the UAE Central Bank, said.
The GCC country will avoid impacts resulted from the US recent sanctions on Iran, the Organization of Petroleum Exporting Countries’ (OPEC) third-largest producer, as long as banks are prepared for the consequences.
“Things are starting to materialise, growth is there, liquidity is there, a lot of government initiatives are there. I think we are in good times,” Al-Mansoori added.
In September, the central bank expected an increase in the UAE’s inflation-adjusted gross domestic product (GDP) by 2.3% in 2018.
“We don’t expect material impact provided that when the previous sanctions were on, banks have taken measures and when they lifted sanctions, banks did not go back as normal due to having to keep their relations with clearing banks in the US,” he added.
