DUBAI: The UAE’s economy is estimated to have grown by around 4 per cent in 2012, little changed from the previous year, and a similar clip is seen in 2013, Sultan Bin Saeed Al Mansoori, Minister for Economy said in Dubai on Thursday.

“I am waiting for the (gross domestic product) figures (from last year) ... but the estimate will be hovering around plus 4 per cent,” Mansoori told reporters on the sidelines of a ministry event.

He attributed the success of different projects undertaken during 2012 to the joint efforts and cooperation of the employees in various departments who worked together to overcome obstacles and attain such great accomplishments.

Amlak

Amlak Finance restructuring about $2 billion of debt, will probably complete the workout by the second quarter, the economy minister said.

Amlak is negotiating with creditors on the terms, discussions on increasing Amlak’s capital to ensure its longer term “sustainability” are also under way, he said.

The Ministry was successful in enhancing international economic policy through various strategic activities that contributed to improved cooperation with several countries and exchange of ideas and knowledge in areas of mutual interest such as small and medium enterprises (SMEs).

Al Mansoori pointed out that the Ministry had succeeded in strengthening relations with a number of countries, both regionally and globally, through joint economic committees aimed at exploring business opportunities and attracting investments into the country.

The Ministry worked on developing economic legislation in the country to build knowledge based economy, strengthening the SMEs and encouraging the youth to engage in this promising sector.

I think this year will be the same as there are no major changes, changes in oil prices or the general situation of the world economy so that is an indication it will hover around the same per centage,” he said.