Plans underway to raise UAE 2030 GDP targets to $800b: Minister
ALBAWABA – The UAE 2030 target is to double the gross domestic product (GDP) of the United Arab Emirates (UAE) by 2030, Emirati Minister of Economy Abdulla al-Marri said Thursday.
In an interview with Bloomberg Television, Marri said that “the focus is to grow [the economy] by 7 percent,” adding that the UAE needs to “double” its economy to “$817 billion by the end of 2030”.
The UAE’s economy grew by almost 8 percent in 2022, according to Zawya, thanks in part to higher crude prices and output.
In 2023, the International Monetary Fund (IMF) projects UAE GDP to grow at a slower 3.5 percent pace, Zawya reported.
During Turkish President Recep Tayyip Erdogan’s visit to Abu Dhabi, the UAE pledged to ramp up financial help for Turkey with deals potentially exceeding $50 billion. In addition to purchasing $8.5 billion in bonds, as reported by Bloomberg.
The UAE also signed multiple other deals with Asian nations, including India and other countries.
The Gulf country is seeking bilateral trade deals and partnerships to achieve its goals, the minister said.
Still, challenges including lackluster growth in China and disruptions to global financial systems may pose risks to realizing the UAE 2030 targets, the minister warned.
