ABU DHABI — The United Arab Emirates expects strong growth this year after its oil-rich economy expanded by 4.6 percent in 2014, Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum said. “We expect to continue to achieve strong growth in 2015,” Sheikh Mohammed, who is also the ruler of Dubai, said in a note on the state of the UAE economy issued late Saturday. He said the non-oil sector had experienced positive growth in first quarter and highlighted a “continuing rise in government spending and the increase in government and private capital.” Sheikh Mohammed stressed that the UAE, which is the world's sixth-largest producer of crude oil, would “adhere to its long-term strategy to diversify its national economy”. He noted that the non-oil sector grew 8.1 percent in 2014 and that its contribution to the economy had reached 68.6 percent. “We have put in place all the necessary plans to take that contribution to as high as 80 percent in 2021,” he said. This would be done “through intensive investment in the industrial and tourism sectors, air and maritime transport, import and re-export, as well as supporting a range of projects and initiatives based on the knowledge economy,” he added. The financial sector posted a gain of 15 percent in 2014, while tourism continued to grow with some 20 million tourists visiting the country, he said. The fourth largest OPEC supplier was hit hard by the global financial crisis, strongly dampening economic growth which averaged just 1.5 percent between 2007 and 2011. Meanwhile, Dubai is one of the world's top tourist destinations, but also one of the most expensive spots, according to TripAdvisor. In their TripIndex Cities 2015 destination list, which features 59 key cities, Dubai has been placed at number nine, with a three-day visit to the city averaging at $1,523.82. Destinations that ranked higher in terms of costs included Cancun in Mexico, New York, Zurich, London, Paris, Tokyo, Toronto and Punta Cana in the Dominican Republic. Singapore came in behind Dubai at number ten. The TripIndex calculates the cost of a typical trip for two. For each of the three days, the index factors four-star hotel accommodation, a tour or visit to local attractions, a round-trip taxi ride, along with lunch and dinner. Dubai's dinner cost averaged $166.87, which was the most expensive dinner in the entire top 10 list! On the flipside, the most affordable holiday destinations list included Hanoi, Bangkok, Kuala Lumpur and Manila. Southeast Asia is clearly the place to go if you're on a budget. — SG
