The "50 projects" enhance the vital advantages of the country's economy

The UAE anticipates the changes in the oil market with “economic diversification” strategies

The UAE economy is among the most diversified in the region and among all major oil producers.

From the source

Within a few years, the UAE was able to transform into a global model in terms of economic diversification, through the initiatives, strategies and measures that were launched and adopted, in order to enhance the contribution of all sectors to economic prosperity, in addition to the contribution of oil and its various industries, on the basis of the largest national strategy. UAE for the post-oil era.

The state focused on developing economic diversification policies in light of a reading of future transformations that led to the re-employment of wealth and resources, and the creation of the environment for sustainable development, in light of the UAE's goals to promote life and achieve prosperity, and what His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and President of the UAE Council said. The ministers, ruler of Dubai, seems to be present today strongly, when he said four years ago: “70% of our national economy is not dependent on oil, and our goal is to achieve a new equation for our economy in which it is not dependent on oil or dependent on market fluctuations, and we will add new economic sectors, and we will develop efficiency and productivity current sectors, and we will prepare generations that can lead a sustainable and balanced national economy.”

The UAE's economy is among the most diversified in the region and among all major oil producers, with the non-oil sectors contributing more than two-thirds of the GDP.

Local and international reports confirm that the UAE has moved from an oil economy to an economy of productive diversification in various fields.

The UAE anticipated the transformations in the oil sector and its price fluctuations, with a series of measures that led to enhancing the contribution of the rest of the sectors to the country’s economy, so that these sectors contribute more than 70% of the gross domestic product, compared to 30% depending on oil, this despite the fact that the UAE owns Important oil wealth, and the sixth largest reserves in the world in terms of oil and gas.

The "Fifty Projects" reviews the investment advantages of all sectors in the country, which enhances the desire of investors, talented people and entrepreneurs to invest in these sectors in light of a safe and dynamic environment characterized by stability, and the high return of these investments on the financial level, in addition to the UAE's ability to provide an incubating environment for all types of investments new.

The UAE has been ahead in its serious endeavor to diversify the economic system and prepare for the post-oil phase, by launching the largest comprehensive strategy aimed at preparing for the next fifty years, through the post-oil economy plan, which aims to prepare all its vital sectors for the post-oil phase, in addition to the decisions of the national agenda. 2021, and the UAE Centennial 2071, in order to consolidate and consolidate economic diversification.

The UAE’s signing of nearly 134 agreements to encourage investments with its trading partners is a key gateway to diversifying investments in the country, as these agreements contribute to attracting investors in the traditional or new sectors, providing them with an attractive and safe environment, in addition to the new amendments to the Commercial Companies Law. It allows up to 100% foreign ownership in companies, no corporate business taxes, and no income taxes.

All international reports indicate high ratings regarding the UAE, as the country ranks first in the Arab world and 15th globally in the Kearney FDI Confidence Index for the current year 2021, advancing four places compared to last year 2020, and thus outperforming a number of major global economies.

The non-oil foreign trade of the UAE has grown and has doubled during the past fifty years more than 1,600 times, and increased from about one billion dirhams in 1971 to 900 billion dirhams during the first half of 2021, with a growth rate of 27% compared to the first half of 2020. The country has also achieved Thanks to the economic achievements, advanced positions in world trade have been witnessed by specialized international organizations.

The value of the state's non-oil merchandise exports during the first half of 2021 amounted to about 170 billion dirhams, and achieved a growth of 44% compared to the first half of 2020, while the value of merchandise imports during the first half of 2021 exceeded about 482 billion dirhams, and achieved a growth rate of 24% compared to the first half of 2020. The UAE also ranked 18th globally and first in the Middle East as an importer of services, with a value of 74 billion dollars during 2019, and a growth rate of 2.4% compared to 2018, while in the aspect of UAE exports of services, the value reached 73 billion dollars, and it ranked 17th globally and first in the Middle East.

The state has consolidated its investment attractiveness in recent years by attracting huge investments that raised its cumulative balance of foreign investments to about 174 billion dollars (equivalent to 639 billion dirhams), according to estimates of the United Nations Conference on Trade and Development (UNCTAD), which reflects the extent of its attractiveness and competitiveness with what it owns, both on the The level of the legislative environment regulating the business community or the infrastructure it possesses, which is the largest in the region.

The tourism sector is one of the important sectors that enhance the economic diversification of the country, as it contributes 11.9% to about 177 billion dirhams (48 billion US dollars) of the GDP, which is one of the highest rates globally compared to leading countries in the field of tourism.

The country ranked first regionally and 33 globally in the Global Tourism Competitiveness Index, and ranked advanced positions in a number of sub-indices.

The UAE also achieved high occupancy levels in hotel establishments in 2020, and was able to achieve the second place in the world in the percentage of hotel occupancy, supported by the ideal handling mechanisms to address the “Covid-19” pandemic.

“Space” promotes economic diversification

The UAE is focusing on new areas in order to support and promote economic diversification. In addition to the well-known traditional sectors, focus has begun on new sectors, and the most prominent of these areas is the space sector, which is a promising sector at the level of expertise, knowledge, science, and industries.

The growing capabilities in the fields of science and technology are a fundamental pillar that enhances the space sector on the map of the UAE economy, both scientifically and in terms of partnership in promoting economic diversification, which is expected to be a possible key to the future economy, especially after the volume of investment reached more than five billion dollars in various activities of the space sector in the country since the establishment of the Emirates Space Agency in 2014.

Industry.. unlimited ambitions

Industry is one of the sectors that are focused on in order to promote economic diversification and increase the industry’s contribution to the UAE economy. The UAE launched the National Strategy for Industry and Advanced Technology Operation 300bn “Project 300bn” as a decimal government strategy that is the most comprehensive of its kind, to advance the industrial sector in the country. And expanding its size and scope, to be a major lever for the national economy, within the objectives that seek to enhance the contribution of the industrial sector in the country to the GDP from 133 billion dirhams to 300 billion dirhams by 2031, with a focus on future industries.

First in the technology sector

Today, the technology sector is one of the most prominent sectors that the UAE focuses on in order to promote economic diversification, and it provides facilities to increase investments in it.

The UAE is the fourth globally in the commercial implementation of 5G services, the first country in the world to appoint a minister of artificial intelligence, and the first university specialized in artificial intelligence in the world.

134 agreements signed by the UAE to encourage investments with its trading partners.

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