The United Arab Emirates’ Minister of Economy, Sultan bin Saeed al-Mansoori, said he expects the non-oil sector to contribute 80 per cent of the gross domestic product of the country within a span of ten years from now.
Currently, the non-oil sector makes up 69 per cent of the Arab nation’s GDP. The minister stressed in remarks published by Al-Ittihad that economic diversification policies spared the country the ramifications of market fluctuations and oil price fall.
The UAE’s success in passing the oil price crisis is the fruit of the flexible and lucrative policies the country continues to embark on, enabling it to diversify sources of income and lessen dependence on oil revenues.
The minister said he doesn’t expect any changes to the state’s budget over the next two years in spite of the fall in oil prices.
He spoke of a number of major national projects such as airport expansions estimated at AED100 billion and an AED40bn railway network venture, in addition to other mega infrastructure and real estate projects.
Under the 2021 national economic vision, the government seeks to attract additional foreign direct investments to comprise five per cent of gross domestic product.
Al-Mansoori said non-oil sectors such as manufacturing, construction and real estate, financial services, civil aviation and logistics and hospitality and tourism continue to thrive and provide a buffer against oil market shocks.