UAE economy embarks on robust growth with rosy prospect

The United Arab Emirates (UAE) recorded a nominal GDP of 1.47 trillion Dirham or 400.55 billion U.S. dollars in the past year, the highest ever in history of the country, state news agency WAM reported Saturday.

The United Arab Emirates (UAE) Vice President, Prime Minister Sheikh Mohamed Bin Rashid Al-Maktoum said "Today UAE has a robust and diversified economic base and great optimism about the future and the projects we have launched."

With the nominal GDP reaching for the first time 400.55 billion dollars, "2014 was the strongest year economically for the UAE with a growth in Real Gross Domestic Product of 4.6 percent and the country is set to continue to perform strongly in 2015."

The UAE, a major oil supplier, is poised to continue to achieve strong growth in 2015, said the UAE vice president, adding that a large number of infrastructure projects have been launched.

In addition, UAE'S non-oil sector achieved growth rates in GDP of 8.1 percent in 2014, which contributed 68.6 percent of the constant-price GDP," said Sheik Mohamed Bin Rashid.

He added the UAE will continue implementing a long-term plan facilitating transition to a knowledge economy.