Abu Dhabi's economy to grow 4-6% this year 

(MENAFN) The chairman of Department of Economic Development Abu Dhabi, Mohammed Nasser Al Sowaidi, said that the emirate's economy is expected to gorw at a one-digit rate ranging between 4-6 percent during the year, Khaleej Times reported.

According to a document issued by the Department of Economic Development, Abu Dhabi's economy grew by 16.4 percent year-on-year during the period 2005-07, while in next six years till 2015 the department expects an economic expansion of 7 percent.

Al Sowaidi did not disclose GDP growth rate for 2008, the year in which the oil prices grew to a record high of $147 a barrel, splashing Abu Dhabi with huge increase in revenues and surplus liquidity.

Earlier this year, Abu Dhabi has announced several mega projects worth of billions of dollars in the oil and gas and infrastructure sectors, which would further contribute in boosting the emirate's the economy.

Al Sowaidi added that the year 2010 would be positive for the economy, as oil prices are expected to stay at their current levels of $60-80 a barrel, besides the positive signs demonstrated in the performance of financial market recently.

The Department of Economic Development also hinted the announcement to be made very soon on the guidelines of projects to be launched after arranging budget, with a timeline of 2-3 years, to further spur the emirate's economy.