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UAE economy registers strong growth

The UAE’s Gross Domestic Product (GDP) grew by four percent during 2013, according to recent statements by the UAE Minister of Economy His Excellency Sultan Bin Saeed Al Mansouri , whilst growth across the nation’s non-oil sector remains strong.

The GDP calculated by the International Monetary Fund (IMF), is one of many statistics released during the past year highlighting positive growth and underlying strengths of the UAE economy. S&P recently announced the emirate of Sharjah’s first ever sovereign credit rating as ‘A/A-1′ with a Stable Outlook, underscoring the solid fundamentals of Sharjah’s economy.

The UAE has retained its reputation as a safe haven for business and investment during the region’s Arab Spring period and the Emirates provides an attractive destination of GCC investors and business concerns. Although Abu Dhabi oil exports provide a mainstay of the the UAE GDP, the Emirates has a diverse economy with industries from manufacturing to tourism.

Sharjah is a significant contributor to the UAE’s diversification away from oil revenues and some 47 percent of the Emirate’s 2014 budget has been allocated to developing the economic sector.

Source: Various UAE news sources

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