The UAE is on the right track to reducing its reliance on oil, which is expected to account for 20 per cent of the country’s gross domestic product (GDP) by 2025, according to Sultan Bin Saeed Al Mansouri, Minister of Economy.
In 2014, oil accounted for 30 per cent of the UAE’s economy, the minister said as he reiterated his optimism for 2016 despite the continued fall of oil prices, which dropped five per cent to $38 a barrel during trade on Monday.
In 2014, the UAE’s GDP grew 4.6 per cent, reaching Dh1.47 trillion, with the year marking the country’s best economic performance in the past 44 years. While the Minister said he expected 2016 to be slower, he said the country’s economy will continue to grow. Details