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HomeWorldUAE non-oil sector to grow 3pc in 2010

UAE non-oil sector to grow 3pc in 2010

The United Arab Emirates is expected to see 3 percent non-oil economic growth in 2010 compared to 1 percent this year, the regional head of the International Monetary Fund said on Monday.

‘We see non-oil growth of the UAE this year at 1 percent but next year it will be 3 percent,’ Masood Ahmed told Reuters at a conference in Abu Dhabi.

Ahmed did not give a forecast for the overall economy. ‘Overall, it is driven by what is happening to oil demand.’    
The global credit crunch hit the Gulf region hard but a turnaround in oil prices and signs of global economic recovery are helping the region get back on its feet.

The UAE minister of economy Sultan bin Saeed Al-Mansouri said on Friday the country’s economic growth will be up to 3 percent in 2010 from 1.3 percent this year.

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