UAE expects higher non-oil growth in 2018 due to diversified economy

Abu Dhabi: The UAE expects to see higher non-oil growth next year with relatively stable growth in 2017, the country’s central bank governor Mubarak Rashid Al Mansouri said on Sunday.

“We are expecting the growth of non-oil sector to reach 3.1 per cent this year and 3.5 per cent or even more next year. Despite the continuous decrease in oil prices, the national economy has been able to sustain the growth due to a diversified economy.”

Al Mansouri was speaking at the 41st normal session of the Council of Arab Central Banks Governors in Abu Dhabi. The meeting is being attended by central bank governors from the Gulf as well as from other Arab countries.

The UAE central bank governor said the drop in oil prices has not affected the public budget or the projects in education, healthcare and infrastructure sectors.