UAE has entered next phase of growth, says economy official

21/10/2010 - Dubai Investment News
UAE has entered next phase of growth, says economy official

Posted by Neil King

The UAE has weathered the worst of the global economic crisis and is now ready to enter a new phase of growth, a government official has said.

Speaking at an investment forum in London, Mohammad Al Shehi, the director- general of the UAE's economy ministry, noted that the country's average real gross domestic product (GDP) has increased by 2.5 per cent this year and is set for further expansion in coming years, Gulf News reported.

"We have now entered the next phase of growth," he said.

Mr Al Shehi also revealed that the UAE is aiming to increase industrial production as a percentage of GDP from 16.2 per cent at present to 20-25 per cent over the next five years.

The statements come after the International Monetary Fund (IMF) this month raised its 2010 growth forecast for the UAE to 2.4 per cent after predicting 1.3 per cent growth in May. The IMF expects the UAE's economy to grow by 3.2 per cent in 2011.

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