E-Paper

UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Dubai World Cup

lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

UAE's new economy is more than oil

Top Stories

Dubai: Sheikh Mohammed announces Dh30-billion rain drainage network

Paid parking in Dubai: Residents face up to Dh4,000 extra yearly costs when new rates kick in

UAE: Worker wins Dh1 million in National Bonds draw after saving Dh100 every month
UAEs new economy is more than oil
A large sand castle depicting a cityscape, surrounded by a picket fence, on Jumeirah Beach.

The country is seen as a safe haven, a sound investment destination, which has limited the impact of low oil prices on the economy.

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sat 16 Jan 2016, 11:00 PM

Last updated: Sun 17 Jan 2016, 3:07 PM

The UAE has done well to diversify its economy and lessen its reliance on oil, but more needs to be done. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is keen to increase the pace of reforms to tide over uncertain times as markets take a nosedive and oil prices hit new lows.

Revenues from oil currently contribute 30 per cent to the UAE's GDP. It was 90 per cent in the 1970s. The plan is to further cut dependence on oil to a mere 5 per cent by 2021.
The country is seen as a safe haven, a sound investment destination, which has limited the impact of low oil prices on the economy. The IMF says the country's non-oil growth remained strong at 4.8 per cent. This has been driven by real estate projects in Abu Dhabi and Dubai's growth as a global trade, transportation, tourist and hospitality centre. Economic storms may have skipped from the UAE after the downturn in 2008, but Shaikh Mohammed is in a hurry to wean the country off oil. "We decided to convene a ministerial retreat in the coming weeks in presence of local governments and economists to discuss UAE's economy beyond oil," he said.
His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, last year said the country would ''celebrate while exporting the last oil barrel''. There is a thrust on renewable energy and investments are being poured into solar projects in Dubai and Abu Dhabi. The country is also building nuclear reactors with South Korean help. Green cities like Masdar City in Abu Dhabi are already up and running.
The meeting of ministers and experts with Shaikh Mohammed could throw up new ideas for sustainable growth. Residents also have a role to play in conserving energy in their homes and offices while reducing pollution for a sustainable lifestyle in the interests of the nation.



More news from