Diversification of economy and policy of openness drive UAE's growth as second largest Arab economy, Al Mansouri

In an interview with Sama Dubai on the occasion of the UAE National Day, Al Mansouri said that the country's GDP rose from Dhs6.5bn in 1971 to Dhs730bn in 2007, an increase by 112 times, which is the result of the wise economic policies adopted by the UAE leadership, which helped in further establishing the nation's economic stature on the world map.

The Minister of Economy said that the significant economic achievements of the UAE owe to the visionary leadership of Late Sheikh Zayed Bin Sultan Al Nahyan, Late Sheikh Rashid Bin Saeed Al Maktoum and other leaders.

Al Mansouri stressed that the leadership has always accorded priority in launching several pioneering development projects, especially in healthcare, education and infrastructure development, which have played an instrumental role in laying the fundamentals for robust socio-economic growth.

He said that the UAE's leadership is committed to strengthening its human resources for developing a powerful nation, and has taken strong steps to empower Nationals by providing necessary support and leveraging their talent and qualification. Today, the UAE national income is among the highest in the world.

Al Mansouri explained that the UAE economy has moved to a global level led by the diversification into tourism, trade and services, which in turn has established a platform for inward international investments.
Tourism has played a crucial role in the economic growth of the UAE with the number of tourists reaching over 7 million supported by the country's developed infrastructure and economic openness.

He added, "Currently, the industrial sector contributes to more than 27% to the GDP and we have clear directives to empower this sector to enable it to be a main contributor to the local economy."

Al Mansouri said that the UAE's growth story has received global acclaim, and that the country has proven its strength in meeting emerging challenges, especially the fall-out of the global financial crisis.

He said, "The UAE has already taken concerted efforts to meet the challenges arising from the financial crisis. Several practical steps that have been initiated include guaranteeing bank deposits for three years and injecting liquidity into the banking system whereby AED 120 billion has been earmarked by the UAE Central Bank and the Ministry of Finance."

He said that the Ministry of Economy has formed a committee from Heads of local economic departments to evolve solutions and create plans to overcome the challenges posed by the global financial crisis. The minister said that the MoE will continue to adopt ambitious initiatives aimed at empowering the local economy, sustaining growth rates and protecting the investment environment.