April 15, 2015

UAE Economy Sustainable Despite Oil Prices

Uae economic

The Oil prices are declining constantly and it is an alarming situation for oil producing countries. Despite all these circumstances the UAE economy is still growing as it has become less dependent on the oil sector.
UAE has diversified its economy and it is not relying only on its oil sector. In fact non-oil sector contributes around 69 percent in GDP. If we glance back into the past the contribution of oil sector was 90 percent in 1977.
The vision of UAE leadership of diversifying the economy really worked as they saw a 25% increase in FDI to exceed 13 billion US dollars.
UAE created perfect environment for foreign investors to park their money here. The ultramodern constructions, tallest skyscrapers, stunning tourism places, influx of people from around more than 200 countries, investor friendly business laws and miraculous projects all attracted not only the visitors but also investors from all over the world.
This non dependency on oil lead UAE to cope up with declining oil prices and sustain its economy.