Federal and local government officials from across the United Arab Emirates (UAE) finished a retreat concerning the UAE's post-oil economy on Jan. 31.
As prices in the global oil market continue to slump, Gulf economies traditionally dependent on oil and gas revenues have had to scramble to begin discussions on diversification and sustainability. In the UAE, officials said this transition will depend largely on investments in people rather than the extraction of natural resources.
"We strive to make the UAE a model of a nation succeeded to transform its economy from depending on natural resources to depend on skills and its human capital and they are our bet for a prosperous future," Sheikh Mohamed Al Nahyan, crown prince of Abu Dhabi, said. "The post-oil transformation is a turning point in our history as UAE nationals. The success in making this transformation is our only option and it will be realized. The vision of the UAE president will be always the first reason to pursue excellence and success."
UAE officials expect the conclusions of the retreat to be released as an official UAE Post-Oil Strategy sometime in the next few weeks. The strategy is expected to contain recommendations for boosting certain existing sectors of the UAE economy, developing new sectors to boost long-term competitiveness, utilizing technology and designing sustainable management policies for the new economy.