UAE gov't sees 'innovation' as key to future economy

MOVE OVER: Property and construction were the basis of the UAE economy up until the current economic downturn. MNow the government is looking at ways to diversify. (Getty Images)

The UAE government is to prioritise investment in creativity and innovation-based sectors as part of a new crisis recovery strategy, the minister of the economy Sultan Al Mansouri announced on Monday.

The government was in the process of evaluating the impact of the economic crisis and saw a shift in direction towards a creativity- based economy as an important plank of its recovery measures, he said

Last week UAE government officials visited the US to see first-hand how joint initiatives were working to develop such an economy, Mansouri told reporters, according to WAM news agency.
           
''The government has chalked out a joint plan in coordination with federal ministries and departments to evaluate the magnitude of impact of the international financial crunch in order to take required measures to overcome the crisis with the least possible losses,'' he said.

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