By: Amr Adel

Abu Dhabi – Mubasher: The UAE’s non-oil sector is forecasted to grow by 3.5% in 2018, Central Bank governor Mubarak Rashed Al Mansoori said on Sunday.

Speaking at the 41st normal session of the Council of Arab Central Banks Governors in Abu Dhabi, Al Mansoori revealed that non-oil operations grew 3.2% in 2015 and 2.7% in 2016, which are seen as adequate levels.

This is due to the UAE non-oil sector’s diversity, he added, noting that the fall in oil prices has not had a major impact on the public budget or projects in the education, healthcare, and infrastructure sectors.

“We are expecting the growth of non-oil sector to reach 3.1% this year and 3.5% or even more next year. Despite the continuous decrease in oil prices, the national economy has been able to sustain the growth due to a diversified economy,” Al Mansoori told attendees at the meeting.

The Council of Arab Central Banks Governors’ meeting is attended by central bank governors from the Gulf and from other Arab countries.

The UAE’s central bank official further highlighted the importance of the small-and-medium enterprises (SMEs) sector to the UAE economy, although it remains one of the sectors that is need of funding.

The Central Bank of the UAE has formed a committee to apply the necessary strategies to support SMEs in cooperation with major partners in order to provide the necessary financing at suitable costs, Al Mansoori concluded.

Translated by: Nada Adel Sobhi