'Inflation may fall by year-end'

DUBAI — The UAE's GDP is growing due to economic diversification and reform as well as technological advancement in the country. The service sector contributed 50 per cent in the GDP growth of the country, said Shaikha Lubna Al Qasimi, UAE Minister of Economy yesterday at a Press conference.

By Moushumi Das Chaudhury

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Published: Wed 12 Jul 2006, 11:05 AM

Last updated: Sat 4 Apr 2015, 3:08 PM

She also added: “Inflation in the UAE may fall in the next few months and by the end of this year, we can see a lower inflation in the UAE as the economy is strong and dynamic as strong oil price and higher investment levels are continuing to drive growth. Moreover, technology acts as a catalyst in the growth of an economy."

She was speaking after inaugurating the 2006 Management Associate Development Program (MADP) at Citibank, a member of Citigroup. Shaikha Lubna also presented a keynote speech on Change Management and how, leadership, research and development is vital for an organisation to grow.

She further added: “Leadership is the ability to be both efficient and effective. Getting results with enduring effect cannot be achieved without participation. The broader the participation base, the higher the achievement and the durability of that achievement."

The UAE has experienced tremendous growth also due to the multinational workforce working in the country and the mix of brain and talent of 152 nationalities alongwith internet, telecommunication and other technological infrastructure helped the country to develop fast in the past few years, added the Minister of Economy.

Regarding the role of women in the development of the economy, Shaikha Lubna said: “There are three or four businesswomen council in the country and 50 per cent of women are involved in the small and medium enterprises and participating in family businesses."

At present, most of the GCC countries are utilising money to upgrade and foster development in the region and also going for common investments which will sustain growth of business in the region, concluded Shaikha Lubna.

Meanwhile, Citibank officials highlighted the role of the bank and the management development programme, which is designed to develop and provide the bank in the region with a new generation of diverse, highly talented, trained leaders.

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