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Falling oil prices won’t hurt the GDP growth of the United Arab Emirates this year, a Ministry of Economy spokesperson has said.
“Oil accounts for less than 30% of our GDP, so there will be no impact. The UAE economy is now very diversified,” said Mohammed Ahmed bin Abdul Aziz Al Shehhi, undersecretary at the ministry, Reuters reports.
“The oil price impact doesn’t reflect highly in our GDP.”
Brent crude oil futures hit a four-year low of $87.74 a barrel on Monday, down more than $25 from their peak in June.
