The UAE is seeking to accelerate economic growth over the next few years as it aims to double its GDP to more than $800 billion by 2030.

“The focus is to grow by 7%. We need to double our economy to 3 trillion Dirhams ($817 billion) by the end of 2030,” said economy minister Abdulla bin Touq Al Marri during an interview with Bloomberg Television on Thursday.

The UAE’s economy grew close to 8% in 2022, partly due to elevated crude prices and production. For 2023, the International Monetary Fund forecasts GDP will accelerate at a slower pace of 3.5%.

Although the UAE is seeking to secure bilateral trade deals to achieve its objectives, challenges from weaker growth in China and disruptions to global financial systems could pose risks, the economy minister added.

As OPEC’s third-largest producer, the UAE has been striving to develop its role as a global business and finance hub, particularly considering the increasing competition from Saudi Arabia.

Over the last two years, trade deals have been signed with countries such as Turkey, India and Indonesia.

Earlier this week, during Turkish President Recep Tayyip Erdogan’s visit to Abu Dhabi, the UAE vowed to boost financial aid for Turkey with deals that may be worth over $50 billion and also include purchasing $8.5 billion of bonds, the Bloomberg report adds.

Both countries are still focusing on finalising the details of the deals, which according to the UAE’s economy minister, will “come in very shortly and very soon.”