UAE to Grow Economy 7%, Cross $800 Billion by 2030: Abdulla bin Touq Al Marri - Bloomberg
The United Arab Emirates is looking to accelerate economic growth as it seeks to double its gross domestic product to over $800 billion by the end of the decade.
“The focus is to grow by 7%,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television Thursday. “We need to double our economy” so it reaches 3 trillion dirhams ($817 billion) in output by the end of 2030, he said.
The oil-rich country saw its economy expand almost 8% in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP growth will slow to 3.5%.
The Gulf country is seeking bilateral trade deals and partnerships to achieve its goals and is confident it has the policies in place to navigate any potential challenges such as slower Chinese growth or disruptions to the global financial system, according to the minister.
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