• Home
• /
• Local business

Shaikha Lubna Seeks 3pc GDP Growth

ABU DHABI — The Minister of Foreign Trade Shaikha Lubna Al Qasimi has urged foreign business councils to achieve at least three per cent growth against 7.4 per cent last year as global economic crisis persists.

Shaikha Lubna hoped that the nation will again witness significant economic gains by the end of the current year, as the country has got 7^th place in the recent Nielsen Global Consumer Confidence Survey and topped MENA ranking in the World Economic Forum’s 2009 Global 
Enabling Trade Report.

The Minister recognised the role of business councils and groups in the economic development of the country, at an event sponsored by Abu Dhabi based the Emirates Foundation. International Monetary Fund predicted in April a growth rate of 3.3 per cent this year for the country due to a weak global economy and lower oil revenues, though economists have been forecasting much slower 
growth rates.

The economists have projected the UAE economy growth from 0.5 2.5 per cent while DIFC estimated growth between 2.5 and 3.5 per cent.

In her speech, Lubna outlined the steps taken by the UAE which led to its 7.4 per cent economic growth in 2008 despite the emergence 
of the crisis.

The UAE’s industrial exports alone were worth Dh46 billion in 2008, and industry experts forecast an even higher figure this year.

Trade surplus rose 35 per cent to Dh231.09 billion in 2008 from Dh170.85 billion in previous year.

The minister promised policies which will further enhance productivity of the multinational companies that have chosen UAE as their base.

Shaikha Lubna said business councils and the private sector have been significant contributors to the nation economic and business success.

“We are where we are right now due to our collaboration with various organisations and individuals, to whom we would like to, extend our utmost gratitude,” she said.

There are presently more than a dozen business councils and groups based in the UAE and more than 1,300 multinational representing over 30 industry sectors, making it top investment destination in the region, accounting for around 60 per cent of the GCC’s foreign investment inflow.


haseebhaider@khaleejtimes.com