UAE seeks investment in non-oil sector

July 6th, 2010 - 11:34 pm ICT by IANS  

Abu Dhabi, July 6 (IANS/WAM) The United Arab Emirates (UAE) has decided to promote investment in non-oil sectors to boost the country’s economic diversification process.
The decision to place the emphasis on goods, resources and services was set to bring about a further increase in the non-oil-related contribution to the GDP of the country, said Minister for Foreign Trade Sheikha Lubna bin Khalid bin Sultan Al Qasimi.

“The UAE always works to bolster revenue sources via diversification and is attracting most of the foreign investment flows to the region,” she said.

“In order to enhance our economic strategy, we are currently focusing on areas such as renewable energy, airplane components and manufacturing, technology, tourism and education, while also boosting the country’s services sector.”

The measure, she said, has resulted to an increased contribution of the non-oil sector to the net domestic product of the state to 71 percent in 2009 as compared with 63 percent in 2008.



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