UAE lead­ers dis­cuss post-oil econ­omy at re­treat

The Pak Banker - - BUSI­NESS -

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.

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