Abu Dhabi, Nov 18 (IANS/WAM): The United Arab Emirates' (UAE) gross domestic product (GDP) is expected to grow between 4 percent and 4.5 percent this year, according to this Gulf nation's Minister of Economy Sultan Bin Saeed Al Mansouri.

"The UAE remains committed to its ongoing development and diversification of its economy in keeping with its Vision 2021, which seeks to make the UAE one of the best countries in the world by 2021," Al Mansouri was Monday quoted as telling Gulf News.

Al Mansouri said that despite IMF predictions of weaker global oil prices next year, the UAE's economy will surge ahead and grow even stronger.

"The impact of oil prices is limited to only between 30 and 33 percent, or its share in the GDP of the country. We are also planning to reduce this share to only 10 percent in future," Al Mansouri said.

The UAE minister of economy also ruled out any cut in infrastructure projects.

Stressing that the UAE works with other nations to address common global challenges, Al Mansouri said the UAE has historically punched above its weight economically.