(Dubai) – The UAE economy is expected to grow at an average of 4.5 percent in 2014 and that oil contribution to the Gross Domestic Product (GDP) is projected to be around 30 percent, H.E. Sultan bin Saeed Al Mansouri, Minister of Economy said.
He stated that most of the economic growth was primarily fuelled by non-oil sectors which means broader economic diversification in consistent with the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum for building a more diversified economy with less dependence on oil.
Al Mansouri affirmed that fundamentals of the UAE macro economy and micro economy were strong and that the diversified, resilient economy has weathered various challenges.
(Courtesy WAM)
