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uae1 hour ago
The UAE witnessed significant economic progress in 2016, with many of its vital sectors accelerating at a substantial rate that will boost gross domestic product to Dh1.8 trillion this year from Dh1.58 trillion in 2015, according to a latest report issued by the Ministry of Economy.
The Arab region's second-largest economy also made major strides in achieving important socio-economic developments in line with the country's Vision 2021 designed to build a sustainable, diverse and globally competitive economy driven by UAE Nationals who are equipped with world-class knowledge and innovative skills.
"During this challenging year, the UAE economy has maintained its growth and high competitiveness thanks to the directives of our wise leaders and clear government vision under which goals, plans and initiatives were developed. Accordingly, important efforts are continuously being launched to reach our targets within the framework of a world-class system designed specifically for economic and societal advancements and promotion of transparency, excellence and innovation in our institutions and among individuals," said Sultan bin Saeed Al Mansouri, Cabinet Member and UAE Minister of Economy.
The minister noted that the government's economic diversification policy is one of the core pillars of the UAE's economic resilience, resulting in its increased capability to address economic difficulties and challenges. The country's solid approach and diversification plans, he said, have led to the non-oil sector's contributions to GDP in 2015 rising at about 77 per cent at current prices and 70 per cent at constant prices.
The minister disclosed that the manufacturing, construction, retail, real estate, storage, transportation, telecommunications and tourism industries, among others, recorded substantial GDP contributions, demonstrating the country's steady and balanced steps towards a post-oil era coupled with well-informed policies and programs to guarantee sustainable development.
Referring to the latest statistics and figures, Al Mansouri said the national economy hit important achievements despite regional and global economic challenges and difficulties facing both developed and developing nations.
- business@khaleejtimes.com
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