The UAE aims to achieve GDP growth of between five and six per cent until 2026 by investing heavily in petrochemicals and other sectors and attracting more capital into the non-oil economy, Minister of Economy Sultan Al Mansouri has said.
Speaking at a Federal National Council (FNC) session yesterday, he said such investments would boost the non-oil sector to 80 per cent in 2021 to become the dominant component of the country’s GDP.
Mansouri said a diversification drive launched by the UAE over the past two decades have already paid off, with the non-oil sector expanding to nearly 70 per cent after it was a minimal component of the country’s GDP.
“We have set a target of 5-6 per cent growth until 2028 and aim to attract foreign capital of five per cent of GDP,” the Minister said.
He said the UAE is focusing on five key sectors in its diversification drive, including manufacturing, transport and storage, communications, financial services and farming.
As for trade, he said the UAE had made remarkable strides to become a commercial hub, ranking 16th among exporters and 19th among importers.
His figures showed the UAE’s foreign trade totaled around Dh1.6 trillion last year, with Western countries accounting for nearly 41 per cent and Asians 24 per cent.
“The UAE has also become a major capital destination because of its advanced infrastructure and improved investment laws,” he said.