Low oil prices mean it will be difficult for the economy of the UAE to grow more than 3 per cent this year, economy minister Sultan Al Mansouri told reporters on Thursday.
“It is a challenge, not only for us, for everyone. It all depends on what will happen to prices of oil as we move on,” Mr Al Mansouri said.
Officials have estimated the UAE’s GDP expanded between 3 and 3.5 per cent in 2015. In December, Mr Al Mansouri predicted economic growth would be in the same range during 2016.
He also said on Thursday that at a recent meeting of top officials on the economy, they had decided to aim to reduce oil’s contribution to GDP to 20 per cent by 2021 from about 30 per cent currently, by diversifying the economy.
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