By: Ramy Sameeh
Abu Dhabi-Mubasher: UAE’s target for GDP growth of more than 3% in 2016 is a challenge amid lower oil prices, said Sultan bin Saeed Al Mansouri, the UAE Minister of Economy.
On the sidelines of UAE-Qatar Business Forum in Abu Dhabi, he added that “it is a challenge, not only for us, but also for everyone.”
The Arab Monetary Fund forecasts UAE economic growth of 3.6% in 2015, backed by the strong performance of non-oil sectors.
The UAE seeks to diversify its economy away from hydrocarbons, as well as reducing its dependence on oil from 30% of GDP to 20% by 2021.
“It all depends on what will happen to prices of oil as we move on," said Al-Mansouri.
He noted that the SMEs will account for 70% of the country's GDP as compared to the present 60%.
