UAE economic growth rate to reach 3.5% in 2016: Al Mansouri

Abu Dhabi: The UAE’s economy is expected to grow at a rate of 3-3.5 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, as well as other macroeconomic factors such as the performance of regional and global economies during the year. “If we see minimal increase in the prices of oil, we expect to see a 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 [a barrel] anymore; they are in the $40-$50 range, so we can predict,” the Minister told reporters in Abu Dhabi on Tuesday.

Meanwhile, Dubai alone is expected to see a four per cent growth rate in its gross domestic product (GDP) in 2015, another spokesperson said.

According to Sami Al Qamzi, director general of Dubai’s Department of Economic Development, Dubai has seen an annual GDP growth of four per cent over the past four years, exceeding the global average rate of 3.5 per cent.

As for Abu Dhabi, the emirate’s GDP is expected to grow by nearly 5.2 per cent this year, and four per cent in 2016, according to Rashed Al Zaabi, acting executive director of planning and statistics at the Abu Dhabi Department of Economic Development.