UAE economy minister Sultan al-Mansouri says that he expects the country’s economy to grow by around 4 per cent in 2013. He added that he expects economic growth in 2012 to have been at a similar level.

In contrast to some other parts of the GCC, Al-Mansouri expects the UAE to grow as fast as it did last year while other neighbouring countries are expecting to slow as the impact of rising oil production in 2012 is not repeated in 2013. In early January the local Emirates NBD increased its growth forecast for the UAE in 2013 to 3.8 per cent from 3.5 per cent on the back of strong growth in Dubai and its links to other growing economies in the region.