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The domestic diesel price will fall to 1.87 dirhams in November from 1.89 dirhams in October, the ministry said.

The United Arab Emirates will lower domestic prices for gasoline and diesel in November, the ministry of energy said on Wednesday.

The price of a litre of octane 95 gasoline will drop 5 per cent to 1.70 dirhams at the start of November from 1.79 dirhams in October, the ministry said on its Twitter account.

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Hydrocarbon accounts for only 25% of country's GDP and 20% of exports.

 

The UAE economy is one of the most diversified among the GCC countries and will post 3.1 per cent gross domestic product (GDP) growth this year despite lower oil prices, according to an expert.

Julien Marcilly, chief economist, Coface, said the UAE's hydrocarbon revenues account only for 25 per cent of GDP and 20 per cent of total export revenues.

"More than 60 per cent of the country's budget revenues still depend on non-oil sector development," Marcilly said at Coface Country Risk conference in Dubai on Tuesday.

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Hits Dh5b on higher income.

Emirates NBD on Tuesday said its nine-month net profit climbed 27 per cent to Dh5 billion on higher income and lower provisions for bad loans.

The largest lender bank in the UAE by total income said operating performance was also helped by an increase in net interest income, a modest increase in costs and a lower impairment charge.

The bank said its third-quarter net profit rose seven per cent to Dh1.67 billion compared to Dh1.56 billion in the same period last year. An average of four analysts polled by Reuters forecast the bank to make a net profit of Dh1.60 billion for the July-September 2015 quarter.

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