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Thu 29 Mar 2018 01:53 PM

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Non-oil sector could account for 80% of UAE economy by 2021

Ministry of the Economy says working on laws related to foreign investments, regulation and arbitration

Non-oil sector could account for 80% of UAE economy by 2021

The share of the non-oil sector in the UAE’s GDP will rise by 80 percent by 2021, up from 70 percent in 2017, according to a study from the Ministry of the Economy.

The study noted that while Abu Dhabi maintains the bulk of the UAE’s oil and gas reserves and manages most of its national savings, Dubai remains the country’s commercial centre.

The ministry also noted that both Dubai and Abu Dhabi are committed to promoting the country’s economic growth, with Abu Dhabi spending increasing amounts on infrastructure and Dubai preparing for Expo 2020 Dubai.

The Expo is expected to attract 25 million visitors from around the world, as well as foreign investment of between $100 and $150 billion in a variety of sectors.

The ministry added that it is currently working on placing and development laws related to foreign investments, regulating the industry and protecting industrial property, designs, commercial transactions and arbitration.