Abu Dhabi: The UAE's economy is expected to grow at a rate of 3 per cent to 3.5 per cent in 2016, maintaining almost the same rate expected in 2015, according to Sultan Al Mansouri, the country's Minister of Economy.
The figure will depend on oil prices in 2016, however.
"If we see minimal increase in the prices of oil, we expect to see 3-3.5 per cent increase in 2016. I think because we learnt from 2015 and we understand where the world economy is moving, we feel that we are better prepared in terms of how we put our vision as UAE.
We know [oil prices] aren't $100 anymore; they're in the $40-$50 range, so we can predict," the Minister told reporters on Tuesday.
Speaking at the third UAE Economic Outlook Forum in Abu Dhabi, Al Mansouri said oil accounted for 30 per cent of the country's economy in 2014.
He said the UAE was aiming to reduce that figure to 20 per cent by 2025, adding that the country was "on the right track to achieving this rate."
