UAE 'will continue growth' despite global downturn

The United Arab Emirates (UAE) economy will continue to grow in spite of the global financial crisis, an official has said.

Sultan Bin Saeed Al Mansouri, minister of economy for the UAE, claimed that the country was taking a "very effective" approach to ensure that development would continue.

He said the leadership had "clearly understood" the importance of the crisis and was taking active measures to make sure things continue as normal.

This included the formation of a committee assembled to help manage and assess the situation on a daily basis, he revealed.

Mr Al Mansouri also moved to reassure residents that while the economic crisis was beginning to take its toll in the UAE, it was not as "catastrophic in nature" as many believed and would in fact enable the country to "look realistically at our growth strategies".

News of the government's willingness to take precautions against the crisis could encourage investors in property in the UAE, who were recently advised by that there could be some great opportunities around after recent house price falls in the country.