UAE | General

Open policy hailed as reason for success

The UAE economy has achieved remarkable milestones since 1971, Sultan Bin Saeed Al Mansouri, Minister of Economy said.

  • Staff Report
  • Published: 00:00 December 3, 2010
  • Gulf News

Dubai: The UAE economy has achieved remarkable milestones since 1971, Sultan Bin Saeed Al Mansouri, Minister of Economy said.

"Concerted efforts to diversify the economy and a policy of openness adopted by the UAE's leadership have been the prime drivers in establishing the UAE as the second largest Arab economy," Al Mansouri said on the occasion of the UAE National Day.

Wise policies

Al Mansouri said that the country's GDP rose from Dh6.5 billion in 1971 to Dh914.3 billion in 2009, an increase by 114 times, which is the result of the wise economic policies adopted by the UAE leadership. "The total GDP of the UAE is expected to exceed Dh1 trillion by the end of this year, recording a real GDP growth of 2.25 per cent in 2010.

"This is led by double digit growth in the tourism, transport, trade and re-exports sectors," he added.

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