Expanding non-oil economy becomes main driver for UAE trade: official

Source: Xinhua| 2018-10-16 02:46:40|Editor: Mu Xuequan
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DUBAI, Oct. 15 (Xinhua) -- The expanding non-oil economy in the oil-rich United Arab Emirates (UAE) has become the main driver for its global trade despite the tailwinds brought by the rising oil prices, a UAE business official said on Monday.

The remarks were made by Ahmad Al Haddad, chief operating officer of Jebel Ali Free Zone Authority, at an Economic and Trade Promotion Conference of China's Changshu Garment Town in Dubai.

More than 200 delegates attended the conference to promote the garment from Changshu, a county-level city under China's eastern city of Suzhou.

"The share of oil in the UAE economy is less than 30 percent and sinking. From Dubai you reach two thirds of the world's population within eight hours and this region needs investments," Haddad said.

The oil price hit a four-year high last week, easing pressure on the UAE fiscal balance, which the International Monetary Fund says will return to a surplus in 2019.

China is the UAE's largest trading partner, with more than 4,000 Chinese businesses operating in the Gulf Arab state.