RSS   Newsletter   Contact   Advertise with us

UAE economy minister says 2016 growth to be under 3%

Staff writer ▼ | February 26, 2016
Low oil prices mean it will be difficult for the economy of the UAE to grow more than 3 percent this year, economy minister Sultan bin Saeed al-Mansouri said.
Saeed al-Mansouri
Emirates   UAE to diversify economy
"It is a challenge, not only for us, for everyone. It all depends on what will happen to prices of oil as we move on," Mansouri said.

Officials have estimated the UAE's gross domestic product expanded between 3 and 3.5 percent in 2015. In December, Mansouri predicted economic growth would be in the same range during 2016.

He also said that at a recent meeting of top officials on the economy, they had decided to aim to reduce oil's contribution to GDP to 20 percent by 2021 from about 30 percent currently, by diversifying the economy.