Low oil prices hit UAE oil sector as it slips 2-3 percent

Low oil prices hit UAE oil sector as it slips 2-3 percent
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Published October 26th, 2015 - 08:17 GMT via SyndiGate.info

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The UAE’s diversification efforts will help boost the economy, despite the plunge in oil prices.
The UAE’s diversification efforts will help boost the economy, despite the plunge in oil prices.

The UAE’s oil sector is expected to see a slowdown of about 2-3 per cent if oil prices do not bounce back from the current levels below $50 a barrel, according to Ali Al Mansouri, chairman of Abu Dhabi’s Department of Economic Development.

In an interview with Gulf News, the chairman said that the UAE’s diversification efforts will help boost the economy, despite the plunge in oil prices.

“From an economic side, I think commodity prices in general, and economic growth, and employment will be a key discussion point that will take place throughout the summit,” he said.

He added: “At the Department of Economic Development, we are now formalising the industrial strategies and plans, and we’re in the final phases of that. This will give visibility for manufacturing, be it small, medium, or large companies to take major decisions on that side.

“We have also formed a foreign investment committee that will formulate strategies to attract foreign investments be it direct or indirect, so these initiatives will ultimately strengthen the other sectors of the economy away from oil.”

Al Mansouri was speaking on the sidelines of the Summit on Global Agenda, which kicked off in Abu Dhabi on Sunday.

By Sarah Diaa

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