The United Arab Emirates has been successfully diversifying its economy away from the dependance on oil with Dubai leading the way.
Strong Financial Reserves
The UAE maintains strong financial reserves and has a durable banking sector, which makes it safe for investment. The International Monetary Fund forecasts that the gross official reserves of the UAE would grow from USD 76.8 billion in 2015 to USD 118.4 billion in 2020. The current account surplus would grow from USD 17.6 billion in 2015 to USD 33.4 billion by 2020.
The government policy of economic diversification has led into impressive development in key sectors such as tourism, air transport, trade, financial services, manufacturing and alternative energy.
The UAE has made progress towards ending its economic dependence on hydrocarbons. Oil industries accounted for around 30 per cent of GDP in 2014, down from 79 per cent in 1980.
In 2015, the UAE government injected AED300 billion to foster a knowledge economy, driven by innovation to prepare the UAE for a world after oil.