Al Mansouri: Services sector played major role in economic development

posted on 11/08/2011: 95 views

Minister of Economy Sultan Bin Saeed Al Mansouri said that the services sector in the UAE played an important role in the economic growth of the country through its contribution to achieving a set of basic requirements for the process of economic development as well as its share in the formation of the GDP and creation of jobs.

The minister said that in recent years, this sector achieved an effective contribution to the country's GDP, and with an annual cumulative total of about 2 percent it also enhanced the position of the UAE as a link between the world continents.

It also transformed the country into a focal point in the movement of trade in the areas of ports, telecommunications, real estate development, construction, management of infrastructure projects, airlines, airports, transport, logistics and many others.

Al Mansouri noted that the UAE ranked very high on the global level in maintaining safe investment climates and the country was ranked 25th in the Global Competitiveness Report for sustaining one of the best investment climates in the world. This has also enhanced the position of the UAE as a desired destination for global investment, Al Mansouri added in a foreword written to the UAE Services Guide 2011 published by the Federation of Chambers of Commerce and Industry. - Emirates News Agency, WAM

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