UAE leaders discuss post-oil economy at retreat
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. The UAE's leaders attended a two-day retreat 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. 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.