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FINANCIAL NEWS
UAE economy projected to grow 3.9% in 2013
06 Jan 2013
(MENAFN) KFH-Research latest report showed that during the current year, the UAE’s economy is projected to expand by 3.9 percent, driven by domestic rebound and steady progress in global economy, reported Arabian Business.
The report also revealed that several sectors would grow in 2013, including industrial, non-oil, services, tourism and construction.
The country’s services sector would post solid growth, whereas the tourism sector would continue to benefit from the regional unrest, in addition to the expansion in the UAE’s carriers.
Non-oil sector is expected to become more and more vital to the country, mainly in the final half of the forecast period, as major industrial projects would come on stream, including the USD20 billion Al Gharbia Chemicals Industrial City, scheduled for completion in 2015, and the USD4.5 billion expansion of Emirates Aluminum (EMAL), which will increase the nation’s yearly aluminum capacity by the end of 2014.
The UAE, which aims to raise daily crude oil output to 3.5 million barrels by 2018, pumped around 3.1 million barrels per day (bpd) in 2012, the highest level since the country started export oil nearly 50 years ago.
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