WATCH: UAE leaders discuss post-oil economy at retreat

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WATCH: UAE leaders discuss post-oil economy at retreat

Shaikh Mohammed bin Rashid Al Maktoum (right) with Shaikh Mohammed bin Zayed.

Dubai - UAE's leaders took part in the retreat discussions - at Dubai's Bab Al Shams Resort - that aim to develop a comprehensive national programme for a diverse and sustainable economy.

By Staff Reporter

Published: Sun 31 Jan 2016, 7:01 PM

The UAE's leaders attended a two-day retreat on Saturday to discuss the UAE's post oil phase, with manufacturing and government services among the main sectors coming under close review.
The meeting saw His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, take part in discussions that aim to develop a comprehensive national programme for a diverse and sustainable economy.
The retreat, which took place at the Bab Al Shams Resort in Dubai will conclude today.

Retreat of #UAE's economy post-oil .. Unified team working to shape a promising future for UAE pic.twitter.com/UqIOERENmx
- Dubai Media Office (@DXBMediaOffice) January 30, 2016

On day one, the two leaders looked at the current state of the UAE economy by reviewing the GDP growth rates since 1980, and the contribution of oil and non-oil sectors.
In 1980, the UAE's GDP reached Dh555 billion, of which oil revenue contributed the majority with 79 per cent, and non-oil sectors 21 per cent.
In 2014, the story was somewhat different. With GDP reaching Dh1,155 billion, non-oil sectors contributed the majority with 69 per cent of revenue, while oil sectors contribution was 31 per cent.
On Saturday, one of the sessions highlighted opportunities for the development of the vital non-oil sectors in the UAE, such as aviation and infrastructure, to strengthen the country's global position.
Another session discussed future scenarios for the UAE economy that could be adopted by the government to make a quantum leap in achieving positive changes in various sectors.
The importance of human capital in developing national talents to lead different sectors was one of the key points discussed.
Ministers, senior officials and experts also took part in brainstorming sessions.
During the retreat, Shaikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, chaired a working group on the economy pillar to discuss building a robust knowledge economy based on technology and innovation.
Government policies also came under close review, with those present discussing ways in which to ensure government financial sustainability and utilise government resources.
The UAE economy has shown remarkable resilience and stability driven by the government's flexible economic policies over the past years aimed at diversifying the economy.
The UAE government is working to establish a legal environment that supports economic growth and strengthens the UAE's competitiveness in attracting investments.
reporters@khaeejtimes.com