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New strategy of Ministry for 2008-2010 period represents framework and mechanism to crystallise UAE's growth aspirations |
UAE Minister of Economy Sultan bin Saeed Al Mansouri launched a three-year strategic plan that seeks to build stronger partnership with the private sector and prioritize the industrial sector. Al Mansouri said that he expected to see a significant improvement in UAE's liquidity situation by the first quarter of 2009, when the country's financial institutions would gain more confidence and would turn generous in their lending policies.
Al Mansouri said so far banks have utilised only Dh25 billion of the Dh120 billion fund provided by the government and the Central Bank. He shrugged off suggestions that certain tough terms and conditions laid out by the authorities were discouraging most banks from taking full advantage of the cash injection.
The new strategy of the Ministry for the 2008-2010 period represents a framework and mechanism to crystallise the federation's growth aspirations, he added. He also said the new strategy included a flexible framework that can be altered according to local, regional and international changes.
