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1 November, 2020

Dubai to drive UAE Vision for Zero-Oil Economy in 50 years

The UAE Government has unveiled a vision to have a GDP that completely relies on non-oil economic activities.

UAE is all set to become the first country in the world to have a GDP that has zero-oil contribution, according to Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi. The economic diversification strategy will involve investment enhancement in AI, block chain, robotics, communication and genetics. The UAE will also be a strong and capable supplier of finance & logistics services.

One of the key drivers for economic growth of UAE has been its strong FDI. In 2019, UAE was the first in the region in terms of FDI influx. The 2018 FDI law and the corresponding positive sector list saw almost 122 economic activities get a 100% FDI ownership. The FDI value last year increased by nearly 52%.

This economic growth is also to be viewed in the context of the strong performance of UAE in the global ease of doing business index for 2020. In this year’s ranking, UAE has been ranked at #16 out of 190 countries.

Dubai has specifically garnered high levels of FDI, that it has been ranked in the Top 10 destination cities globally for FDI. For Greenfield FDI, Dubai came in at #3.

This reinforces the image of Dubai as a futuristic and visionary city. Dubai is always known for innovation and its policies and initiatives have always worked towards attracting investors into emerging sectors.

 

Source: khaleejtimes

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