UAE economy to grow by 4.5%

The UAE's gross domestic product (GDP) is expected to grow between 4 per cent and 4.5 per cent this year, according to Sultan Bin Saeed Al Mansouri, Minister of Economy. "The UAE remains committed to its ongoing development and diversification of its economy in keeping with its Vision 2021, which seeks to make the UAE one of the best countries in the world by 2021," Al Mansouri told Gulf News. Al Mansouri said despite IMF predictions of weaker global oil prices next year, the UAE's economy will surge ahead and grow even stronger. "The impact of oil prices is limited to only between 30 and 33 per cent, or its share in the GDP of the country. We are also planning to reduce this share to only 10 per cent in future," Al Mansouri said. The UAE Minister of Economy also ruled out any cut in infrastructure projects. Stressing that the UAE works with other nations to address common global challenges, Al Mansouri said the UAE has historically punched above its weight economically. "This year, the UAE was the 30th largest economy in the world. Additionally, the UAE continues to be one of the world's top investment inductive environments, with Foreign Direct Investments (FDI) exceeding Dh35 billion last year," Al Mansouri said.