UAE's GDP doing well despite global inflation: Minister

posted on 18/09/2008: 62 views

The UAE GDP in 2007 reached Dh 729.7 billion, with a growth of 7.4% from last year's figures, while the contribution of non-oil sectors to the GDP for the same year was a healthy Dh 467bn, which constitute 64.1% of the total UAE GDP for 2007, according to Minister of Economy H.E Sultan Al Mansouri.

The Minister was addressing Dubai's Business Councils and Groups at the Business Networking Suhoor organized by Dubai Chamber of Commerce and Industry (DCCI) as part of their regular monthly networking events at the Raffles Dubai hotel on Tuesday evening.

Al Mansouri apprised the elite gathering of heads of business groups with the latest figures of the country's non-oil sector's contribution in the growth of the national economy and the high percentage of GDP achieved despite global inflation which the UAE managed to contain due to the strong public-private sector cooperation.

He also spoke about the Federal Government's Strategy Plan implemented by his Ministry and the related laws and legislations which are in place for a healthy business environment.

'In fact, the UAE in general has remained insulated from the global recessionary trends and I extend my gratitude to everyone in the retail sector, who have partnered with us in curbing inflation specially our partners in the food supply and cement production sectors as our focus on diversifying the economy and the emphasis on infrastructure spending is now paying dividends.' Al Mansouri said, 'The last three months leading to Ramadan has seen several top food retailers joining hands with us in a campaign to manage the prices of essential commodities. This is indeed a kind gesture from their side that reflects the spirit of Ramadan.

'This move has helped us all earn the goodwill of the people and also highlight the message to the world that in the UAE, the Government and the private sector work together for the well-being of the people.' – Emirates News Agency, WAM

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