UAE's capital plans to increase its economic output by an average of 7 percent a year until 2015
Abu Dhabi's economy is expected
to grow by 4.5 percent this year, below government plans, while
inflation in the Gulf Arab emirate should hold at around 3
percent, a government official said on Tuesday.
Abu Dhabi, the capital of the UAE, plans to
increase its economic output by an average of 7 percent a year
"There are many factors that will drive growth. Industry,
tourism," Mohammed Omar Abdullah, undersecretary at Abu Dhabi's
Department of Economic Development, told reporters at an
The emirate accounts for more than 60 percent of annual
gross domestic product of the UAE, the world's third largest oil
Analysts polled in March forecast the UAE's
economy would expand 3.4 percent in 2011, faster than an
estimated 2.2 percent in 2010 as its trade hub Dubai emerges
from debt troubles.
Abdullah also said he expected the rise in Abu Dhabi
consumer prices to hold at around 3 percent this year.
"Inflation is controllable and we have a mechanism to deal with
the situation," he said.
Annual inflation in the emirate, which has 10 percent of the
world's oil reserves, had been edging higher over the past year.
It peaked at 4.1 percent in November and October last year
before slowing to 1.9 percent year-on-year in March from 3.1
percent the previous month.
Abu Dhabi plans to set up an export promotion agency in the
second half of the year, Abdullah also said, as well as a
competitiveness office to establish rules and regulations for