UAE economy to grow at over 4% this year

The UAE’s economy is expected to grow by more than 4 percent this year, at a higher rate than previously forecast, Abdulla bin Touq, the minister of economy, said in an interview with Bloomberg television on Sunday.

The central bank had forecast 2.5 percent growth in December. Economic growth fell to around 6 percent in 2020, according to estimates from the International Monetary Fund.

The minister also said that more than 30,000 jobs would be created over the next year.

The UAE is strengthening its trade ties and economic partnerships with eight countries in Asia and Africa in its efforts to become a global hub for finance and business as well as to secure around $150 billion in foreign investment as part of a broad nine-year plan.

The eight countries include South Korea, Indonesia, Kenya, Ethiopia and Turkey. The relations between Turkey and the UAE are showing signs of improvement.

The UAE also launched two new visa categories - one for freelancers and one for entrepreneurs and skilled workers - to attract and retain foreigners with desirable skills.

The green visa will enable highly skilled individuals, investors, entrepreneurs and top students and graduates to sponsor themselves.




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