Contribution of the non-oil sectors rose to 70 percent in 2010
UAE among Top 30 nations for attracting FDI
UAE is on the course to welcome 75 million visitors by 2015
The United Arab Emirates’ economy grew an estimated 3.3 percent last year, according to the Economy Minister Sultan bin Saeed al-Mansouri.
Mr Al Mansouri also told a meeting with Canadian investors, during a visit by him to Canada, that the second largest Arab economy achieved growth despite unprecedented regional and global challenges. He said its performance was helped by the rising contribution of non-oil sectors to growth.
In his presentation Mr Al Mansoori shed light on the investment and economic environment in the UAE presenting the most prominent sectors of the economy for potential partnerships between the two countries.
Mr Al Mansoori stressed on the historic trade and diplomatic relations and friendship between the UAE and Canada since 36 years. He added that the UAE is Canada’s largest export market in the Middle East and North Africa region, and the 19th largest export partner in the world.
He also highlighted the policies of the UAE that focus on economic diversification, underlining a number of vital sectors that are ideal for investment including aviation, tourism, hospitality, retail, health care, industry, oil and gas, renewable energy, financial services, logistics and education.
Mr Al Mansoori said that the investment environment in the UAE is supported by overall security and political stability and world-class infrastructure. Additionally, the strategic location of the UAE as a global trade hub provides access to all regional and global markets for businesses. The effective laws and regulations of the country also protect investments while low taxation and exemption of income tax serve as added incentives.
Mr Al Mansoori shed the light on the ability of the UAE, as the second-largest Arab economy, to achieve growth despite the unprecedented regional and global challenges. He said the economic growth of 3.3 percent is further backed by the rising contribution of the non-oil sectors, which was at 70 percent in 2010.
Mr Al Mansoori also highlighted the competitiveness of the national economy at both regional and international levels. He said that the UAE ranked 27th in the world in competitiveness as per the Global Competitiveness Report 2011/2012 and ranks among the top 5 countries in the world in cross border trade according to the 2010 World Bank Doing Business Report. The UAE is also among Top 30 nations for attracting FDI as per the UNCTAD World Investment Prospects Survey 2009-2011. The nation has the highest growth in FDI flows in the Arab world over the past seven years and ranks among Top 15 countries listed as the best destinations for foreign direct investment.
Mr Al Mansoori also showcased the development of the aviation sector of the UAE, and said that the national carriers such as Emirates Airlines and Etihad Airways have achieved remarkable growth over the past years, in addition to the impressive growth of the economy carriers such as Air Arabia and fly Dubai.
He said that Dubai International Airport is on course to become the world’s busiest airport for international passenger traffic with an average growth of 9 per cent annual, and that the UAE is on the course to welcome 75 million visitors by 2015.
