UAE non-energy revenue to double by 2012

by Reuters Monday, 22 October 2007

Non-energy revenue to the governments of the UAE could double in the next five years to $49 billion as the oil exporter reaps the returns on its investments, the International Monetary Fund (IMF) said.

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The UAE has been investing its windfall from a quadrupling of oil prices since 2002 in industries ranging from real estate to financial services, while its state-controlled companies and funds are scouring the globe for assets.
The return on such investments will more than double to 97.4 billion dirhams ($26.53 billion) by 2012, accounting for around half the governments' non-energy revenue of 180 billion dirhams ($49.03 billion), the IMF said in its 2007 country report on the world's sixth-largest oil exporter.

Oil and gas income will rise 25% in that time to 300 billion dirhams, the IMF said.

The study assumes oil price forecasts ranging from $63.75 per barrel this year to $66 per barrel in 2011. US oil prices hit a record high of more than $90 per barrel last week.



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