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UAE to keep spending on development projects despite low oil prices

UAE to keep spending on development projects despite low oil prices

DUBAI: The United Arab Emirates has built up large economic reserves which will allow it to keep spending on development projects in coming years despite the recent plunge in oil prices, the economy minister said on Tuesday.

Sultan bin Saeed al Mansouri told a financial conference although some people are worrying about oil prices the UAE is expected to cope with the drop.

The drop of Brent crude oil to near $60 a barrel will cause the UAE to post a moderately sized state budget deficit next year.

Abu Dhabi’s largest sovereign wealth fund is believed to have nearly $800 billion of assets, roughly twice the UAE’s entire annual gross domestic product.