UAE: In a bid to diversify its economy away from oil-dependent growth, the United Arab Emirates (UAE) is actively seeking bilateral trade deals and partnerships. The country has set an ambitious target of doubling GDP to over $800 billion by the end of the decade.
According to Abdulla bin Touq Al Marri, the UAE’s economy minister, the key focus is achieving a remarkable 7% growth rate. In an interview with Bloomberg Television, he expressed the need to reach an impressive Dhs3 trillion ($817 billion) in output by the end of 2030.
In 2022, the oil-rich nation witnessed a significant expansion of its economy, nearly 8%, driven partly by higher crude prices and production. However, the IMF has projected a slower GDP growth of 3.5% for this year.
As OPEC’s third-largest producer, the UAE aims to solidify its position as a global hub for business and finance. Competition from larger neighbor Saudi Arabia has prompted the United Arab Emirates to ink trade deals worth billions of dollars with countries like India, Indonesia, and Turkey over the past two years.
Additionally, during Turkish President Recep Tayyip Erdogan’s recent visit to Abu Dhabi, the UAE pledged to bolster financial support for Turkey with potential deals exceeding $50 billion. These financial commitments include signing several memoranda of understanding (MoUs), purchasing $8.5 billion of bonds, and a $3 billion pact by Abu Dhabi wealth fund ADQ with Turkey’s Export Credit Bank to support companies intending to export goods to the UAE and other markets.
Abdulla bin Touq Al Marri assured that the finalization of these deals would be imminent, indicating that the details would be disclosed very shortly.
As UAE takes strategic steps to achieve its economic aspirations, it remains confident in navigating various challenges and securing its position as a thriving global economic player.