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The sustained drop in oil prices will not alter Dubai’s spending or investment plans. Oil makes up 2% or less of Dubai’s economy, said Mohammad Ebrahim Al Shaibani, Chief Executive of Investment Corporation of Dubai (ICD), although energy is still a key determinant of business confidence in the wider Gulf.
“There won’t be a lot of shift in terms of strategy,” Al Shaibani told a media round-table. “The growth in the country and in the income is (through) services and is more or less enough to support the planned budget.”
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