Monday 5 March 2018
“Fifty years from now after we have loaded the last barrel of oil, are we going to feel sad? If our investment today is right, I think we will celebrate that moment.”
-- His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces – February 2015.
Dubai and the UAE have established comprehensive programs aimed at reinforcing a diverse and sustainable economy. This roadmap, with signposts that track the progress of key sectors, sets a clear direction for investment, thereby providing certainty and a context for development. Under clearly articulated strategies, government spending is transparent and consistent, enabling businesses to plan ahead with confidence.
The signposts for economic transformation herald new business opportunities, create a pathway for development, and enable the private sector to share in its benefits.
Dubai’s Vision 2021 positions the city as the top five global centers for trade, logistics, tourism, and finance, based on innovative economic growth focused on increasing the productivity of labor and capital. The UAE is on track to diversify its economy. Already, the non-oil sector contributes 70 percent of the UAE’s GDP. A clear road map ensures that, by 2021, the non-oil sector will contribute 80 percent.
The strategy is focused on building a knowledge-based economy powered by sectors such as transportation, space, renewable energy, and information technology, even as traditionally strong sectors such as aviation, financial services, and logistics are augmented. Significant investments in education, health care, and social well-being are also planned. Newer areas for growth, such as the opportunities arising from the Fourth Industrial Revolution, are charted, allowing entrepreneurial innovation to become a structured part of the economy.