UAE Economy to Grow by 14%

DUBAI, 15 May 2006 — The UAE’s nominal GDP is expected to grow nearly 14 percent to 559.3 billion dirhams this year from 491 billion dirhams last year, which according to an International Monetary Fund (IMF) report makes it the second biggest Arab economy after Saudi Arabia. Fuelled by high oil revenues, the 13.91 percent growth would make the UAE the fastest growing economy in the world, bypassing Asian giants China and India. “High oil prices have boosted regional liquidity, fuelling booms in local stock and real estate markets,” the report said. The UAE’s GDP represents nearly 10 percent of the Middle East and North Africa’s $1.53 trillion GDP, the IMF data shows.