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25 April 2024

UAE economy is expected to grow by 4% in 2017


 Eng. Sultan bin Saeed Al Mansouri, Minister of Economy, has predicted that the national economy will achieve a growth rate of between 3.5 to 4 percent during the current year amid activity and intensity of the performance of vital economic sectors.

He noted this growth will be spurred by the country’s growing investment attractiveness, with a view to achieve numerous accomplishments in national economic indicators.

Al Mansouri said, in his statement during the UAE-Jordanian Investment Forum launched on Monday in Abu Dhabi, that continuing to execute projects, which were announced as part of the UAE Vision 2021, would maintain the strength of the national economy growth.

He added that the oil sector contributes around 30 percent of the country’s total local production, as it witnesses a current price stabilisation, while expecting a growth in local non-oil products by 3.7 percent this year.

The UAE-Jordanian Investment Forum is held under the patronage and attendance of Eng. Sultan bin Saeed Al Mansour and Ali Al Ghazawi, the Jordanian Minister of Labour, at the Intercontinental Hotel in Abu Dhabi. It is also attended by a number of officials from both countries, as well as investors, businessmen and representatives from the private sectors, chambers of commerce and investment authorities.

Adnan Abu Al Ragheb, Chairman of the Jordanian Chamber of Industry, said that the meeting presented an opportunity for businessmen from both countries to meet and communicate.

He added that according to international trade statistics, the level of trade between Jordan and the UAE reached a high value during the first 11 months of 2016, while Jordanian exports to the UAE stood at US$357 million during the same period. Jordanian imports from the UAE also touched around $747 million, in precious stones and metals, and food products.

Abu Al Ragheb also looked forward to joint work between both countries, to increase the size of trade, to diversify exports, and to utilise available opportunities and capabilities for encouraging exchange of investment, especially in the field of industry.

Businesswoman Reed Hamad Al Sheryani Al Dhaheri, Member of the Abu Dhabi Chamber of Commerce and Industry, the Chairwoman of the Commerce Committee in the Chamber, stressed the importance of strengthening economic ties between the UAE and Jordan. She added that co-operation in the economic sectors reflects the depth of these exceptional ties.