UAE ministers to hold retreat on post-oil economy

UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said Sunday that the UAE will sponsor a ministerial retreat later this month for state officials and policy advisers to discuss strategies for creating a post-oil economy.

The retreat will lead government officials, ministers and economists through workshops and brainstorming sessions focused on developing multiple strategies for stimulating industries unrelated to oil and creating post-oil opportunities.

“We decided to convene a ministerial retreat in coming weeks in presence of local governments and economists to discuss UAE’s economy beyond oil,” Mohammed said. “We will celebrate while exporting the last oil barrel as my brother Mohammed bin Zayed said, and we will embark on setting up a thorough national program to maintain that vision to realize a sustainable economy for future generations.”

Mohammed said the UAE economy is currently 30 percent dependent on oil, a figure he hopes will become lower over time.

"Our goal is to have a new equation for our economy where we neither depend on oil nor market fluctuations," Mohammed said. "We will add new economic sectors, leverage efficiency, productivity in current sectors. We want to prepare generations capable to lead a sustainable, balanced national economy.”