Al Mansouri: UAE economy Remains Solid, Aims to Achieve More Growth

H.E. Sultan bin Saeed Al Mansouri, Minister of Economy, said the UAE economy remains robust thanks to the diversification provided for in the wise leadership's economic policies.

The UAE economy is capable to achieve a growth rate of 2.5% in 2010, compared to 1.3% last year, while inflation is expected to fall to 1.1% down from 1.56 last year, according to Al Mansouri in statements in a Ramadan gathering at Mina Salam Hotel, Dubai.

The UAE economy weathered the financial crisis thanks to certain measures and incentive reforms which helped minimise the losses, he noted.

"The UAE GDP in 2009 reached AED 914.3 billion," Al Mansouri said.

"Non-oil sectors accounted for about 71% in the country's 2009 GDP compared to 66.5% in 2008," he added.

Industry is expected to account for 20-25% in the UAE's GDP in the years to come, up from 16.2% this year 2010, he noted.

Al Mansouri added that the Ministry's strategy aims to push up this contribution to 90-97%.

- WAM