United Arab Emirates’ (UAE) non-oil gross domestic product (GDP) is expected to grow by 3.6% in 2021, state news agency WAM reported on Saturday citing central bank estimates, suggesting the economy will rebound from an expected contraction in 2020.
The Central Bank of UAE, in its second-quarter report on the economy, had recently said the non-oil economy was projected to contract 4.5% for 2020 as a whole due to the COVID-19 pandemic.
The state news agency said 388-billion-dirham ($105.6 billion) worth of total economic support packages and initiatives have been announced since the start of the pandemic.
($1 = 3.6728 UAE dirham)
Main Photo: The under-construction Museum of The Future is illuminated in the colors of the UAE flag in celebration of the 49th UAE National Day, in Dubai, United Arab Emirates, 03 December 2020. EPA-EFE/ALI HAIDER