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An innovative economic base is UAE's future

The UAE's desire to diversify its resource base is no secret. It is one of the few countries that despite its oil reserves strives for advancement in science and technology, so that a post-oil secure economic and industrial base can be up and running. Moreover, it has eco-friendly policies in place and its investment in the digital space is second to none.
The initiative by the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, to launch the Emirates Science, Technology and Innovation Higher Policy, will not only upgrade its already existing state-of-art infrastructure and resource base but also tap into new inventions and make them part of national life, especially in the sectors of education, health, energy, transportation and space technology. The Mars mission and other plans for space travel have shown nothing will stop the emirates in its pursuits to the last frontier.
An investment of around Dh300 billion in these tough times, when the world is wary of a slowdown and war, brings genuine leadership to the fore and underscores the vision for collective development. The plan is to build a vibrant knowledge economy, which does not rely on conventional modes of development.
This is a strategic decision that aims to change the national economic equation and shifts the focus away from oil. The UAE is expected to see a threefold increase in the percentage of its knowledge workforce, to 40 per cent by 2021. Dubai Expo 2020 will be another feather in the country's cap.
The UAE's innovation plan focuses on people and their ideas. Specifically, it targets the youth. It is sustainable, long-term and will power the country's next phase of growth.