Dubai – Mubasher: The UAE’s reserves and sovereign wealth funds’ (SWFs) assets have reached over $1.25 trillion (AED 4.6 trillion), which makes up 345% of the GCC country’s gross domestic product (GDP).
The UAE topped the world in terms of the ratio of reserves and SWFs’ assets to GDP, followed by Kuwait, Norway, Qatar, Singapore, Saudi Arabia, Oman, Bahrain, Russia, and China, Al Bayan newspaper reported, citing a report released by Franklin Templeton Investments.
The contribution of oil returns in the Emirati GDP, which amounts to 30%, is expected to decline on the back of the significant growth of the non-oil sector, the report found.
The UAE’s government spending is also forecast to grow 5.6% after Dubai’s spending soared 19.5% due to the increasing demands of infrastructure for the major event Expo 2020.
The Arab wealthy country will maintain the development and the diversification of the tourism sector, build new attractions and extend airports, the US-based company said.
