Abu Dhabi, one of the seven emirates and capital of the United Arab Emirates (UAE), retained its economic position despite the impact of the global economic crisis, the official WAM news agency reported Friday.
A number of international economic and financial research bodies released reports and studies indicating that the emirate's entire economic sectors were growing persistently in spite of the economic downturn, WAM said.
According to a report issued by the Oxford Business Group (OBG), Abu Dhabi's government spending has risen by 12 percent to 42.2 billion dirhams (about 11.5 billion U.S. dollars) this year.
The emirate still enjoys a strong economic and credit position despite oil prices that plummeted in the international markets, WAM said.
The OBG report also indicated that thanks to the government's efforts in continuing to fund major infrastructure projects and keep its development strategy, Abu Dhabi will be in a very strong position when the global market picks up.
On the job market, GulfTalent.com, an online recruitment firm, said Abu Dhabi is leading the recovery from the economic downturn in Gulf nations, now accounting for 23 percent of all advertised jobs in six members of the Gulf Cooperation Council (GCC).
Over the first six months of this year, Abu Dhabi's share of jobs advertised in the region grew by 9 percent from last year, while other GCC countries experienced either drop or modest increase in the number of jobs advertised.
Earlier this year, the Abu Dhabi government injected 120 billion dirhams into its banking sector to help it cope with the current global credit crunch. (1 UAE dirham = 0.27 U.S. dollar)
Source: Xinhua
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