If you ask someone about the reason for the renaissance of the United Arab Emirates in particular and the countries of the Arabian Peninsula in general, the answer will be oil, but the answer is not 100% correct, and the experience of Venezuela or many other countries that possess oil and other wealth is clear evidence of that.
It is possible or rather certainly that the correct answer is to manage oil revenues properly.
The successful UAE experience in managing oil revenues has turned into a pioneering experience that many countries are seeking to implement.
The percentage of oil’s contribution to the UAE economy decreases with each year until it has become less than 3% in the Emirate of Dubai, for example, and it is declining in the other six emirates.
Policy of diversification of the economy:
Equipping the country with infrastructure that helps diversify the economy, and finding new sectors that contribute to the economy instead of petroleum, there is no doubt that the United Arab Emirates has succeeded strongly in finding the best alternatives, including.
- Real estate sector:
The real estate sector in the United Arab Emirates is one of the best in the world. Giant projects do not stop with architectural creativity, and therefore the Emirates has become a destination for many around the world who want to invest in real estate.
- Retail sector:
The UAE is a leading country in the field of trade, as it possesses huge ports that contribute strongly to the global trade movement.
- The port industry:
The United Arab Emirates has a global port network, such as Dubai Ports International (DP World), spread across several places on different continents or Abu Dhabi Ports.
- Industry:
The industrial sector in the Emirates is a young sector, but it is developing at a tremendous speed to the point that it has become an effective sector. Emirati industries include light industries such as food and textile industries, medium industries such as building materials, etc., and heavy industries such as cars, boats, weapons, etc.
.jpg)
- Aviation sector:
The United Arab Emirates has the most powerful airlines in the world, such as Emirates Airlines and Etihad Airways, in addition to international airports that contribute to strengthening the country’s economy and enhancing its global reputation in this field.
- Insurance sector:
Given the importance of this field, the United Arab Emirates paid attention to the field of insurance and worked to expand it to help confront risks.
- Tourism sector:
The Emirates has international entertainment destinations and unique landmarks that are unparalleled in the world, for example but not limited to Burj Khalifa, the tallest tower in the world.
- Financial services:
The United Arab Emirates has an advanced banking system that competes strongly with the strongest banking sectors in the world, and it is a sector that is developing rapidly to contribute to the state budget.
- Foreign trade:
Foreign trade constitutes an ever-increasing share of national income, and the UAE’s distinguished location and advanced infrastructure help foreign trade flourish.
- Attract investments:
The cities of the United Arab Emirates top the global ranking for attracting capital, and cities such as Dubai, Abu Dhabi and Sharjah are considered the first in the region in terms of the migration of capital owners to them.
- 3D printing:
The United Arab Emirates is a pioneering country in Printing of buildings, this sector represents the future for real estate and construction, and it is a great way to save money compared to the traditional method, and it is an environmentally friendly system as well.
The UAE also seeks to achieve self-sufficiency in areas such as agriculture, livestock, and others. This may be impossible for some, but in the United Arab Emirates it has been able to achieve much of the impossible.