The Arab League has commended the measures taken by the United Arab Emirates in response to the impact of the decline in world oil prices, and how it diversifies sources of national income Emirates News Agency wrote.
At the Conference on the Repercussions of the Oil Crisis on Arab Economies’ Management, organised by the Arab Administrative Development Organization, Arab League Secretary General, Nabil El-Araby said: “There are promising signs emerging from the project implemented by the UAE to diversify sources of national income.”
Al Araby also called for a common Arab approach to handle the impact of low oil prices on Arab economies, In his opinion, “Arab oil policies need to be coordinated and harmonized at both regional and international levels so that Arabs can act as one bloc to mitigate the negative impacts on Arab oil industries.”
He noted that low oil prices had resulted in delay or cancellation of a number of oil investment projects and this could affect world oil supply and cause a shortage in demand when the global economy recovers and the demand rises again.
In addition, UAE has recently witnessed a slash in its oil revenues. The Abu Dhabi based Taqa Company has previously reported a first-quarter net loss, leading to a revenue reduction by 24% following a 43% drop in the price it sold its oil and gas.