His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE and Ruler of Dubai and His Highness Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces joined a retreat to talk about the post oil phase in UAE.
The retreat started on 30-31 January 2016 at the Bab Al Shams Resort in Dubai.
Their Highnesses joined in the retreat dialogues that intend to cultivate a complete national programme for a varied and sustainable economy. The first day of the retreat started with conferences in which participants observed the recent state of the UAE economy by evaluating the GDP development rates since 1980 and the involvement of oil and non-oil divisions. One of the conferences was devoted to emphasizing prospects for the advancement of the essential non-oil divisions in the UAE to be a factor to reinforcing the position of UAE.
Another conference talked about upcoming situations for the UAE economy underscoring the most significant situations that could be taken on by the government to make a quantum leap in obtaining optimistic modifications in several divisions. The conference also emphasized the substance of enhancing national talents to head these divisions.
His Highness Sheikh Mohammed bin Rashid and His Highness Sheikh Mohamed bin Zayed joined in the dialogues where four teams were made with each team consisting of a number of minister senior officials and specialists to suggest and talk about the proposals within every division.
Another working group on community was headed by H.H. Sheikh Abdullah bin Zayed Al Nahyan Foreign Minister to talk about means of making sure the sustainability of social welfare for Emirati families and spreading resources of income.
UAE economy has shown noteworthy, robust and steadiness urged by the flexible economic strategies of the government in the past years planned at expanding the economy. In 1980 the UAE’s GDP arrived at AED 555 billion (oil revenue given the mainstream with 79% and non-oil sectors 21%). In 2014 the GDP arrived at AED 1155 billion (non-oil sectors contributed up to 69% of profit while oil sectors contribution was 31%).
The UAE government is working to institute a legal environment that sustains economic development and reinforces the UAE’s competitiveness in fascinating investments. The non-oil sectors in the country including manufacturing; government services infrastructure and aviation have experienced considerable alteration to turn into the finest in the world.
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