UAE not hit by oil pricesStaff writer ▼ | November 13, 2014
The economy minister of the United Arab Emirates declined that oil prices could have any impact on the country, maintaining the economy is likely to expand between 4% and 4.5% next year.
Wise steps Oil revenues 30% of UAE GDP
Mr. Mansouri said his country's reliance on oil revenues has lessened in recent decades and currently only accounts for around 30% of the UAE's gross domestic product. In addition, the country possesses sufficient reserves and global investments by its sovereign wealth funds have added non-oil sources of income, he added.
The economy minister said a gradual recovery of the global economy is likely to boost oil prices again, possibly to above $100 a barrel. An economic upswing in China, the U.S. and Europe are likely to trigger that price increase, he said. Standard & Poor's rating company recently said it expects Brent crude oil to stay at $85 per barrel for 2014 and $90 per barrel for 2015 and beyond. ■