UAE's government together with its people, through the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, are formulating a plan in order to diversify its economy beyond oil.

Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, recently announced a ministerial retreat taking place this month of January to discuss necessary steps in order to move away UAE's dependence on its oil economy. Leaders of the United Arab Emirates will put their heads together in order to come up with a plan for a more sustainable economy that will endure for future generations.

Sheikh Mohammed also emphasized that currently, 70% of UAE's gross domestic product (GDP) is independent on oil and the goal of its leaders if to formulate a plan to veer away from dependence on it. This is much needed in order for the economy to be strong despite oil and market fluctuations happening in the world economy today.

In his latest tweets, he stressed that:

  • Today, 70 per cent of our GDP is independent from oil.
  • We want to prepare generations capable to lead a sustainable, balanced national economy.
  • We will add new economic sectors, leverage efficiency, productivity in current sectors.
  • Our goal is to have a new equation for our economy where we neither depend on oil nor market fluctuations.
  • We will celebrate while exporting the last oil barrel.

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