Gulf News

UAE growth ex­pected to ex­ceed 3% in 2019

FDI LAW, DI­VER­SI­FI­CA­TION SET TO PUSH COUN­TRY’S GDP HIGHER

- BY FAREED RAH­MAN Se­nior Re­porter

The UAE’s econ­omy min­is­ter ex­pects the coun­try’s gross do­mes­tic prod­uct (GDP) to grow by 2.5-3 per cent in 2018 and by more than 3 per cent in 2019.

Sul­tan Bin Saeed Al Man­souri was speak­ing to re­porters in Abu Dubai on the side­lines of the UAE-Le­banon In­vest­ment Fo­rum yes­ter­day.

Ear­lier this year, the In­ter­na­tional Mon­e­tary Fund (IMF) fore­cast GDP growth of 2.9 per cent this year and 3.7 per cent next year for the econ­omy.

A se­nior of­fi­cial from the Min­istry of Econ­omy said in­tro­duc­tion of the for­eign di­rect in­vest­ment (FDI) law, as well as di­ver­si­fi­ca­tion of the UAE econ­omy, will be key fac­tors that will push GDP higher next year.

“[The] FDI law will con­trib­ute to the GDP be­cause ear­lier it was a chal­lenge for in­vestors to in­vest out­side a free zone be­cause of the re­stric­tions,” Juma Mo­ham­mad Al Kait, as­sis­tant un­der­sec­re­tary for for­eign trade af­fairs in the Min­istry of Econ­omy, said at the event.

The govern­ment is­sued the FDI law to boost the in­vest­ment en­vi­ron­ment and at­tract for­eign in­vest­ment in line with na­tional devel­op­ment poli­cies ear­lier this year.

Al Kait also said in­cen­tives launched by lo­cal gov­ern­ments such as the re­duc­tion or abo­li­tion of fees will play a pos­i­tive role in in­creas­ing the coun­try’s eco­nomic growth.

Abu Dhabi last week in­tro­duced fee ex­emp­tions for all new eco­nomic li­cences is­sued in the emi­rate for two years. The Abu Dhabi Ex­ec­u­tive Coun­cil also ap­proved an­other res­o­lu­tion ex­empt­ing and re­duc­ing the fees of 98 ba­sic ser­vices levied on the pri­vate sec­tor by mu­nic­i­pal­i­ties in Abu Dhabi.

UAE, Le­banon trade

The value of trade be­tween the UAE and Le­banon is about $2 bil­lion, Al Man­souri said yes­ter­day.

“We also have close to $8 bil­lion [worth of] UAE in­vest­ments in Le­banon and about $1.5 to $2 bil­lion Le­banese in­vest­ments in the UAE. The Le­banese com­mu­nity has been work­ing hard in the UAE and par­tic­i­pat­ing in the growth and di­ver­sity of the econ­omy.”

He also said the dis­cov­ery of gas in Le­banon will help the Le­banese govern­ment to put to­gether a clear plan for the devel­op­ment of in­fras­truc­ture, as well as tourism and other sec­tors.

 ?? Ahmed Kutty/Gulf News ?? The UAE and Le­banon yes­ter­day signed a mem­o­ran­dum of un­der­stand­ing on eco­nomic and in­vest­ment is­sues. Al Man­souri and Mo­ham­mad Chou­cair (left), Chair­man of the Le­banon eco­nomic bod­ies, at­tended the event along with other of­fi­cials.
Ahmed Kutty/Gulf News The UAE and Le­banon yes­ter­day signed a mem­o­ran­dum of un­der­stand­ing on eco­nomic and in­vest­ment is­sues. Al Man­souri and Mo­ham­mad Chou­cair (left), Chair­man of the Le­banon eco­nomic bod­ies, at­tended the event along with other of­fi­cials.

Newspapers in English

Newspapers from UAE