UAE targets 7% growth; GDP to hit $800bln – report

July 20, 2023 at 5:08 PM

The UAE is looking to double its GDP in the coming years to over $800 billion by the end of the decade, Bloomberg reported on Thursday citing a government minister.

“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 ($817 billion) by the end of 2030.”

The UAE’s economy grew almost 8% in 2022, thanks in part to higher crude prices and production, according to the report. This year, the IMF projects GDP will grow at a slower pace of 3.5%. (NewsWire)