UAE Unfazed by Oil Price Drop, Sees No Need for Emergency Measures

UAE Finance Minister Obaid Humaid Al-Tayer downplayed concerns over oil price drops, saying 'we are fine, no issue right now.'

US crude oil futures plummeted nearly $17 per barrel last week, their largest weekly drop since 1983, due to demand worries and investors cutting commodity exposure.

The UAE's oil revenues are still above break-even prices, but the country is vulnerable to price swings as it boosts spending to ease social tensions.

The government has increased infrastructure investments in less developed northern emirates and raised military pensions by 70%, while introducing bread and rice subsidies.