UAE?s economy to grow by 4.5% this year

The UAE?s gross domestic product (GDP) is expected to grow between 4 per cent and 4.5 per cent this year, said Sultan Bin Saeed Al Mansouri, Minister of Economy, yesterday.

?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 ahead of the Summit on the Global Agenda, scheduled to start on Monday in Abu Dhabi.

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.

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