DUBAI: The UAE has set out a plan to double its gross domestic product to 3 trillion dirhams ($820 billion) by 2031 through driving up the country’s non-oil exports and tourism sector.
Unveiled by the county’s Vice President Sheikh Mohammed bin Rashid at the UAE Annual Government meetings held in Abu Dhabi, the ‘We The UAE 2031’ plan has a focus on social, economic, investment and development aspects.
As part of the plan to raise GDP from its current level of 1.49 trillion dirhams, targets were set to increase the country’s non-oil exports to 800 billion dirhams.
Foreign trade is also set to rise to 4 trillion dirhams, with the contribution of the tourism sector to GDP to grow to 450 billion dirhams.
Sheikh Mohammed said that ‘We The UAE 2031’ will shape the progress of the country towards a more accomplished and developed future, in which all entities and institutions will cooperate within a unified ecosystem.
“It represents our government vision for the next decade as we start a national path towards new achievements under the leadership of my brother Mohamed bin Zayed,” he said, adding:
“The UAE will maintain its position as an economic destination… Economic prosperity, social well-being and development of human capital will be the main pillars of the next 50 (years).”
The plan is based on four main pillars that cover all sectors and fields — the economy, society, ecosystem and diplomacy.
The society pillar focuses on placing the UAE among the top 10 countries in the Human Development Index and having its cities ranked among the 10 best in the world.
The Forward Economy pillar will create and develop policies and plans that contribute to achieving high economic growth in all sectors, as well as accelerating the pace of transformation in the energy sector and the reliance on alternative sources of energy to enhance the country's efforts in the green economy.
Forward Diplomacy aims to strengthen the UAE's foreign relations with countries around the world, enhance its international presence, cooperation and friendship, as well as encourage positive dialogue worldwide.
The fourth pillar, Forward Ecosystem, focuses on infrastructure and its development according to the latest technological methods. This pillar includes the development of digital infrastructure.
(With inputs from WAM)