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The UAE is benefitting more from the rebound in world trade flows than other GCC economies, according to accountancy and finance body ICAEW.
Its Q2 Economic Insight: Middle East report, produced by Oxford Economics, says the UAE has a more favourable economic outlook because it is the most diversified economy in the GCC.
Fuel generates just 22% of the country’s export revenues. The UAE’s excellent infrastructure, political stability and ample foreign assets, coupled with its reputation as a trade hub, has seen the country benefit from the rebound in the world economy more immediately than other economies in the GCC.