The UAE government intends to amplify the contribution of the non-oil industry to 80% of the country’s gross domestic product (GDP) from the recent statistics of 70% in the next 10 to 15 years, according to the Minister of Economy Sultan Bin Saeed Al Mansouri.
Mansouri also averred that the government has a plan of economic diversification to decrease reliance on oil to the entire GDP of the nation. He also added that government desired to boost the contribution of non-oil industry as their aim is to diminish the contribution of oil industry to only 20% to the entire GDP.
He averred the development rate registered by the UAE economy in 2014 was 4.6% and the total GDP was $1.47 trillion.
The nation fascinated foreign direct investment to the tune of $100 billion in the last ten years. It happened to be that the country has been the chosen destination and ranked number among in the Middle East and Arab region in fascinating FDI by World Economic Forum. It has an optimistic result on the economy.
UAE has placed an determined vision, intention and programs for every government entity and the cabinet divulged that 2014 as year of innovation. They propose to have 5% of the total GDP from innovation by 2021.
The economy of the country turned out well in sustaining high development rate based on apparent progressive idea and a clear objective.
The UAE and other Gulf nations are aiming to expand the economy and assume improvements in subsidies in order to prevail over revenue losses due to lower oil rates.
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