UAE records 3.3% growth

The UAE’s economy recorded an estimated 3.3 per cent growth in 2011, mainly contributed by non-oil sectors, according to Minister of Economy Sultan bin Saeed Al Mansouri. Al Mansouri, in his presentation to Canadian businessmen, shed the light on the ability of the UAE, as the second-largest Arab economy to achieve growth despite the unprecedented regional and global challenges. “The economic growth of 3.3 per cent is further backed by the rising contribution of the non-oil sectors, which was at 70 per cent in 2010,” the minister said. For 2012, the minister predicted growth rate of the country at three per cent in last November, but later he revised it in upward direction. The UAE economy is forecast to grow by at least four per cent in 2012, and “Under the circumstances, this is healthy, this is good,” Al Mansouri was quoted by Bloomberg as saying in Davos on the sidelines of the World Economic Forum in January this year. The minister, who is visiting Canada, shed light on the investment and economic environment in the UAE presenting the most prominent sectors of the economy for potential partnerships between the two countries. He also elaborated the policies of the UAE that focus on economic diversification, underlining a number of vital sectors that are ideal for investment including aviation, tourism, hospitality, retail, health care, industry, oil and gas, renewable energy, financial services, logistics and education. Al Mansouri also highlighted the competitiveness of the national economy at both regional and international levels. He said that the UAE ranked 27th in the world in competitiveness as per the Global Competitiveness Report 2011/2012 and ranks among the top five countries in the world in cross border trade according to the 2010 World Bank Doing Business Report. The minister also showcased the development of the aviation sector of the UAE, and said that the national carriers such as Emirates airlines and Etihad Airways have achieved remarkable growth over the past years, in addition to the impressive growth of the economy carriers such as Air Arabia and flydubai.