By: Ramy Sameeh

Abu Dhabi – Mubasher: The UAE expected its gross domestic product (GDP) to rise by 3% this year, especially after the recovery of oil prices.

The country’s growth rates slightly fluctuated on the short term, yet oil price rise is likely to have a positive effect Ali Majid Al Mansouri, chairman of Abu Dhabi Department of Economic Development (ADDED), told journalists.

Brent crude rose on Monday above $55 per barrel (pb), its highest level in 16 months.

Last Thursday, the OPEC members agreed to cut crude oil production by 1.2 million per barrel (pb) to 32.5 million pb.

Translated by: Julian Nabil