News Summary: UAE sees growth slowing to 3 percent

AP News
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Posted: Jun 04, 2012 12:24 PM
News Summary: UAE sees growth slowing to 3 percent

SLOWER GROWTH: The United Arab Emirates' top economic official says growth is likely to slow to about 3 percent this year as the UAE feels the effects of a sputtering global recovery. That compares with 4.2 percent growth last year.

OIL FUELS ECONOMY: The seven-state UAE federation is the second largest Arab economy, after Saudi Arabia. The UAE is OPEC's third biggest oil producer, and it relies heavily on oil revenue to balance its budget and fuel its economy.

REGIONAL HUB: The UAE is a major Mideast trading hub. Dubai is home to the region's busiest airport and seaport.