Despite falling oil prices, this economy remains robust

ABU DHABI -- Sultan bin Saeed Al Mansouri, Minister of Economy, has reiterated the strength of the UAE's economy, which he says has not been affected by falling oil prices, pointing out that the UAE's strategy for 2030 is continuing without change and that there is focus on energy efficiency management and its rationalization.

In a statement issued on the sidelines of the third session of the Federal National Council meeting in Abu Dhabi today, Al Mansouri said that the UAE economy is strong and based on policy set by the government, where dependence on oil lowers year after year. He noted that the country is continuing with its projects of infrastructure unlikely to be affected by the ongoing decline in oil prices.

Al Mansouri stressed that the UAE is continuing its strategy of economic diversification and will work to strengthen other sectors, especially industry and services, in order to offset any future declines in oil prices.

The minister emphasized that the UAE government is moving forward in the implementation of various projects in many vital areas such as health, social development, education, public safety and economic affairs, environmental protection, culture and infrastructure in line with the national agenda of the UAE's 2021 Vision.

He explained that the new budget for 2016 reflects the level of the limited impact of the drop in world oil prices on the overall federal government directions and its plans for the future, adding that the new budget also confirms the data of the International Monetary Fund that the UAE is one of the countries less affected by the drop in oil prices as the non-oil sectors contribute nearly 69% of GDP.