By Issac John khaleejtimes.com
The total volume of foreign investments in the UAE, at present a regional base for over 500 international companies, exceeded $100 billion in the past 10 years, Minister of Economy Sultan bin Saeed Al Mansouri said on Wednesday.
In his address at the inaugural session of the UAE Economic Planning Forum in Ras Al Khaimah, Al Mansouri said the UAE is aiming to lower the oil sector’s present contribution from 69 per cent of gross domestic product (GDP) to around 20 per cent in the next few years through a diversification drive. His Highness Shaikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated the second edition of the Forum.
Al Mansouri said that within just 44 years, the UAE economy has taken tremendous leaps compared to other global economies thanks to the federal government’s dynamic approach that focuses on economic diversification with the view to achieving long-term sustainable development. In 2014, the UAE’s GDP amounted to Dh1.47 trillion compared to only Dh6.5 billion in 1971. More info