The UAE Ministry of Economy predicted that non-oil sector contribution to the GDP would increase to 80% by 2021, compared to 70% recorded last year.
In a study published on Wednesday, the ministry said that while each of the seven emirates had its own economic priorities, they were all committed to the overall development strategy of the UAE Vision 2021.
The ministry also noted that both Dubai and Abu Dhabi were committed to promoting the country’s economic growth, with Abu Dhabi spending increasing amounts on infrastructure and Dubai preparing for Expo 2020 Dubai.
The study underlined that Abu Dhabi maintained the majority of the UAE’s oil and gas reserves and managed most of its national savings, while Dubai kept its place as the country’s commercial center.
The Expo 2020 is expected to attract 25 million visitors from around the world, as well as foreign investment of between $100 and $150 billion in a variety of sectors, according to the ministry.
The UAE’s sound economic policies, according to the study, represented the basis for its booming economic future, with most of its recent policies focused on economic reforms and improvements to facilitate the transition to the post-oil era.
The Ministry of Economy is currently developing various laws to regulate foreign investments and to protect industrial property, designs, commercial transactions and arbitration in order to enhance economic productivity and expand non-oil sector contributions.
Economic and financial policies adopted since 2015 have helped the Gulf country cope with global economic pressures and enabled it to maintain its financial and monetary stability and to boost growth levels.
