Oil ‘contributed to only 30% of UAE economy in 2015’

Oil ‘contributed to only 30% of UAE economy in 2015’
Updated 03 March 2016

Oil ‘contributed to only 30% of UAE economy in 2015’

Oil ‘contributed to only 30% of UAE economy in 2015’

JEDDAH: Hamad Buamim, president and CEO, Dubai Chamber of Commerce and Industry, spoke about the experience of the UAE and Dubai in economic diversification, the country’s post-oil strategy, and the role of the private sector in its successful partnership with the public sector.
Buamim took part in the Jeddah Economic Forum 2016 along with the more than 80 high-profile Saudi, regional and global economic experts and CEOs at the Jeddah Hilton Hotel.
The diversification of the economy away from oil is the main economic strategy of the UAE, he said,
He said Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and Ruler of Dubai, recently launched the ‘UAE Beyond Oil’ strategy, which reflects the vision of the country’s economic diversity strategy.
Oil contributed to only 30 percent of the AED1.5 trillion economy in 2015 whereas the oil sector accounted for 70% of the country’s GDP during the 70s of the last century, he added.
Efforts are underway to further reduce the contribution of oil in the coming period, said Buamim.
Malaysian Premier Mohammed Najib Tun Abdul Razak, addressing the forum earlier, said that public private partnerships are important toward nation-building.
The prime minister gave an example of Malaysia’s experience via the implementation of the privatization policy in 1983, followed by the introduction of public private partnerships and Private Finance Initiatives in 2006.