Abu Dhabi: Sultan Bin Saeed Al Mansouri, Minister of Economy, said the Gross Domestic Product (GDP) of the UAE is predicted to grow more than 3.5 per cent to more than Dh1.6 trillion this year, compared with Dh1.5 trillion in 2014.

In a statement to WAM, the minister said the UAE’s ability to maintain high grow rates in the past years despite global economic volatility shows its economic efficiency and proves that its diversification policy is successful as it relies more on non-oil sectors to weather global challenges.

The share of the industrial sector in the GDP is growing and now stands between 10-14 per cent. He expects the size of industrial investments in the UAE to double in five years.

Al Mansouri stressed that his ministry seeks to bolster the competitiveness of the national economy, the flow of foreign direct investments as well as the country’s economic relations with foreign countries.

He pointed out that the Second UAE Economic Planning Forum, a two-day event scheduled on October 7 in Ras Al Khaimah, will enhance coordination between local and federal government departments to boost economic competitiveness, help the SME sector (small and medium size enterprises) and carry out national economic plans.

The minister of economy added that innovation and supporting national industries top the agenda of the forthcoming forum.