UAE investments expected to grow 9pc
Abu Dhabi, July 3, 2010
The total volume of investments in the UAE is expected to grow 9.1 per cent in 2010, said a top government official.
Al Al Shihhi, of the Ministry of Economy, said the volume of investments increased 6 per cent in 2009 and formed 34.8 per cent from the GDP. The private sector has significantly contributed to this increase by 60 per cent of the total volume of investments, he added.
He was speaking on behalf of Sultan Bin Saeed Al Mansouri, Minister of Economy, at the first Forum of Economic Development Policies held recently at Emirates Palace in Abu Dhabi.
“This event addresses economic development policies that are a high priority now, and exerts all efforts to integrate economic policies and drive the national economy to the next stage of growth, stability and development,” said Al Al Shihhi.
He stressed the commitment of the Ministry of Economy to work as per the strategic directions of the Federal Government and to develop institutional frameworks by coordinating economic policies with local government departments.
“This conference is a testament to the Ministry’s strategic plan and a positive start for similar events we are planning to organize to enhance the culture of dialogue and exchange of ideas on economic development policies,” he added.
Al Shihhi said the economy is set to achieve a growth in GDP of 3.2 per cent in 2010 led by a focus on adopting industrial policies that will drive the sustainable development of the UAE.
“Our emphasis on economic diversification and openness has contributed to an increase in the share of the non-oil sector to 71 per cent of the GDP compared to 66.5 per cent in 2008,” he said.
Al Shihhi said that the policies and efforts of Ministry of Economy in monitoring market prices has reduced inflation to 1.6 per cent in 2009, which is expected to go down to 1 per cent in 2010.
The conference discussed four key topics focused on the concept of economic policies including its definitions and types, and their effect on the performance of the economy. – TradeArabia News Service