UAE chases 7% growth to double economy to over $800bn

UAE chases 7% growth to double economy to over $800bn

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The United Arab Emirates is looking to accelerate economic growth as it seeks to double its gross domestic product to over $800b by the end of the decade.

“The focus is to grow by 7 per cent,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television. “We need to double our economy” so it reaches Dhs3tn ($817bn) in output by the end of 2030, he said.

The oil-rich country saw its economy expand almost 8 per cent in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP growth will slow to 3.5 per cent.

Trade deals

The Gulf country is seeking bilateral trade deals and partnerships to achieve its goals and is confident it has the policies in place to navigate any potential challenges such as slower Chinese growth or disruptions to the global financial system, according to the minister.

The UAE, OPEC’s third-largest producer, has been pushing to develop its position as a global hub for business and finance, especially as it faces growing regional competition from larger neighbor Saudi Arabia. It’s inked trade deals worth billions of dollars over the past two years