DUBAI: The United Arab Emirates is looking to accelerate economic growth in the coming years as it seeks to double its gross domestic product to over US$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 to 3 trillion dirhams (US$817 billion) by the end of 2030.”
The oil-rich country saw its economy grow almost 8% in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP will accelerate at a slower pace of 3.5%.
The Gulf country is seeking bilateral trade deals and partnerships to achieve its goals, he said. Still, challenges including lacklustre growth in China and disruptions to global financial systems may pose risks, according to the minister.
The UAE, Opec’s third-largest producer, has been pushing to develop its position as a global hub for business and finance, especially as it faces growing regional competition from larger neighbour Saudi Arabia. It’s inked trade deals worth billions of dollars over the past two years with countries including India, Indonesia and Turkey.
This week, during Turkish President Recep Tayyip Erdogan’s visit to Abu Dhabi, the UAE pledged to ramp up financial help for Turkey with deals that could be worth more than US$50 billion and include buying US$8.5 billion of bonds.
The two countries are still working on finalising the details. It will “come in very shortly and very soon,” Al Marri said.