UAE 'can cope with global downturn'
The government in the United Arab Emirates (UAE) has insisted that the country can cope with the global financial turmoil.
According to economy minister Sultan bin Saeed al-Mansouri, worldwide economic problems should not trigger a domestic slowdown, reports Reuters.
He predicted that the real estate sector would stay strong and that the UAE as a whole would avoid slipping into recession.
His confidence was based on the fact that the country has recently diversified its economy to make it less reliant on the export of fossil fuels.
Mr Mansouri commented: "There are elements of confidence and protection that are relevant to the particulars of our economy and its diverse base of income."
He added that although the UAE is in a good position to weather the financial storm, it is "normal" for it to be affected by what is going on in the global markets.
This comes after the country's central bank said its financial institutions have had "virtually no" exposure to Lehman Brothers - the US investment bank which collapsed last month.
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