“The focus is to grow by 7 percent,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television. “We need to double our economy to 3 trillion dirhams ($817 billion) by the end of 2030," Al Arabiya
reported.
The country saw its economy grow almost 8 percent in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP will accelerate at a slower pace of 3.5 percent.
The Gulf country is seeking bilateral trade deals and partnerships to achieve its goals, he said. Still, challenges including lackluster growth in China and disruptions to global financial systems may pose risks, according to the minister.
The UAE, OPEC’s third-largest producer, has been pushing to develop its position as a global hub for business and finance. It’s inked trade deals worth billions of dollars over the past two years with countries including India, Indonesia, and Turkey, the news site added.
