H.E. Sheikha Lubna Al Qasimi presents key elements of UAE development before Belgian parliamentary delegation

The Minister delivered a presentation on the UAE's economic growth and its economic diversification policy which have made it a regional and international leader in several areas.

H.E. Sheikha Lubna revealed that the economy attained remarkable economic and social growth in 2007, noting that the country's non-oil sector contributed to more than 64% of national GDP.

She added that the Emirates has emerged as a highly competitive foreign investment hub and is home to various multinational companies, reflecting the success of countrywide efforts to promote the services sector and non-oil businesses in general.

The UAE official confirmed that the country's economic growth strategy centers on raising national revenue through non-oil activities, especially those of the services sectors.

She discussed the UAE's achievements in the field of aviation, stating that its airlines are able to keep pace with international carriers.

The Minister lauded the country's productive external trade, which mirrors vibrant domestic economic activity, the capacity for further growth, and robust relations with the international community.

She said that the volume of GDP from foreign trade rose 157.7% in 2007, compared to a 144.3% increase in 2006.

The UAE's trade surplus for this year was at around Dhs178bn, a solid figure attributed to higher export values particularly from the non-oil sector which comprised a large share of the volume of commodity exports.

H.E. Sheikha Lubna affirmed the government's intention of attaining more success via additional growth initiatives especially in the enhancement of non-oil businesses as well as the strengthening of public-private sector partnerships.

The Minister confirmed the UAE's interest in industrialization and attracting high-technology investments so as to develop all components for national progress and promote the creation of a knowledge economy.

H.E. Sheikha Lubna entertained questions and comments from the Belgian Parliament at the end of the meeting.

The Belgian representatives expressed satisfaction with the advanced level of relations between the two countries.

They praised the UAE's economic and social accomplishments and how these have gained more global prominence for the country.

The meeting was attended by Hala Lootah, Director, Government Communication Relations Department, MoFT; and the Belgium Ambassador to the UAE.