Posted by Neil King
The UAE economy will grow by more than three per cent next year, according to new research.
NCB Capital, which is owned by the Saudi National Commercial Bank, predicted that an increase in the country's oil production will trigger 0.9 per cent real growth this year, with real gross domestic product (GDP) forecast to rebound sharply by nearly 3.1 per cent next year, Emirates Business 24/7 reported.
In addition, the firm predicted GDP growth of around 4.1 per cent in 2012.
The news provider noted that according to recent estimates by the government-controlled Emirates Industrial Bank, the UAE's non-oil GDP grew by around 5.2 per cent last year.
Meanwhile, economic minister Ahmed Bin Abdul Aziz Al Shihhi recently claimed that the continued growth of the UAE's private sector during the global downturn served to prove the fundamental strength of the country's economy.
The comments came after it was revealed that the number of private shareholding companies in the UAE reached 134 at the end of last year.