The United Arab Emirates is hoping to exceed 4 percent growth in 2021, the country’s economy minister said, a higher rate of growth than previously forecast.
The central bank had forecast 2.5 percent growth in December. Economic growth contracted around 6 percent in 2020, according to estimates from the International Monetary Fund.
The UAE is looking to create more than 30,000 jobs in the coming year, Abdulla bin Touq told Bloomberg in an interview on the sidelines of an event where the government outlined plans to reposition itself as a global hub for business and finance.
At the event plans were also revealed to deepen the country’s trade ties in Asia and Africa as ministers seek to draw down AED550 billion ($150bn) of inward foreign investment over the next nine years as part of ambitions to be among the 10 biggest global investment destinations by 2030, bin Touq said. It will focus on investments from countries including Russia, Australia, China, and the UK.
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