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UAE exports to rise 5 pct in 2016: official report

Xinhua, September 12, 2016 Adjust font size:

The United Arab Emirates (UAE) Ministry of Economy said on Sunday that its exports of goods and services in 2016 are projected to hit 1.3 trillion dirhams (354.22 million U.S. dollars), a 5 percent rise year on year, state news agency WAM reported.

China's New Silk Road initiative and international air transport will be among major drivers of the Gulf state's future exports, WAM said, citing a report published by the ministry.

In early 2015, UAE Minister of Economy Sultan Al-Mansouri said the major oil supplier aims to reduce the hydrocarbon industry's share of GDP to 19 percent from the current 29 percent in ten years.

According to the Washington-based global bank association Institute of International Finance, the UAE is the second most diversified economy in the Middle East after Iran. Endit