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English news

06-Jun-2016

Growth set to rebound, says Abu Dhabi official

Abu Dhabi’s economic growth will accelerate next year as the richest sheikhdom of the UAE seeks to revive some delayed projects, including a plan to build a branch of the Guggenheim museum, a senior official said. The Emirate plans to award contracts for the museum by the end of this year or early in 2017, said Ali Majed Al Mansoori, chairman of the Department of Economic Development. “The worst is behind us,” said Al Mansoori, who is also a member of the Abu Dhabi Executive Council. “Our budget is still strong. The majority of projects are still there and there are other smaller projects which are moving. The economy is moving.” He expects growth to expand as much as 5% in 2017, from about 2% this year. Abu Dhabi cut spending by a fifth in 2015 and plans a further 17% reduction this year, according to the government. (Bloomberg)

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