UAE 'will withstand market turmoil'
Financial authorities in the United Arab Emirates (UAE) have insisted that the nation is unlikely to be negatively affected by the recent market turmoil.
According to the UAE's central bank, the country's financial institutions have had "virtually no" exposure to Lehman Brothers - the investment bank which collapsed last week.
Sultan Al-Suweidi, governor of the organisation, commented: "There was no systemic risk in the UAE as a result of the fallout in international money markets."
This echoes recent comments from Fabio Scacciavillani of the Dubai International Financial Centre, who has also expressed optimism about the country's prospects.
Last week, he told the National that banks in the UAE have not invested heavily in products such as sub-prime mortgages, which means it does not have much exposure to this volatile market.
Mr Scacciavillani was speaking in the wake of what has been dubbed "Meltdown Monday", the day on which Lehman Brothers collapsed.
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