UAE turns into regional economic power in 10 years

ABU DHABI: A report on the online portal HotelandRest says that the United Arab Emirates, over the past ten years under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has turned into a major economic power in the region.

The report said that the country has witnessed a transition from an oil based economy to a productive economy with enormous diversity in various fields.

The report highlighted the fact that President His Highness Sheikh Khalifa has led the United Arab Emirates over the past decade to an economic superiority where the GDP rose to AED1.54 trillion in 2014, noting that at the beginning of Sheikh Khalifa’s leadership in 2004, GDP was AED314.81 billion and is still undergoing further growth. According to an IMF forecast, GDP will rise in 2018 to AED1.74 trillion.

“His Highness the President of the United Arab Emirates has succeeded in implementing a smart strategy of diversifying sources of income continuing the footsteps of his father Sheikh Zayed bin Sultan Al Nahyan.” The report said that the UAE’s strategy over the past ten years focused on the development of non-oil sectors that recorded a contribution of 69 percent of the total GDP, meaning that the contribution from the oil sector has dropped to almost one-third.

“The wise leadership of Sheikh Khalifa was behind this stunning economic development, as the UAE became one of the most economically-powerful countries in the world in terms of liquidity and cash surpluses, due to the success in implementing a diversified sources of income.” In terms of national per capita gross income, the report predicted that the UAE will become one of the top 10 countries in the world by 2020, noting that the country currently holds 16th place.

Highlighting the travel and tourism sector, the report stressed that the UAE will be one of the best countries in the world in terms of attracting tourists due to its dominance over most other countries in the tourism infrastructure.

The report is based on recent research by the World Council of Travel and Tourism, which says that the travel and tourism sector will contribute about AED122 billion to UAE’s GDP, approximately 8.5 percent, during 2014, representing an annual increase of 4.5% percent over 2013 figures.