Diversification Grows UAE’s Economy

August 08, 2016

The United Arab Emirates (UAE) is working towards lessening their reliance on oil to continue growing their economy. They are doing this by building up other sectors of their economy, like renewable energy and tourism. This strategy makes the UAE more flexible to the sharp fluctuations in the global oil sector we have seen lately.

 

According to a June 2016 article in The National, mining and quarrying, part of the oil sector, contributed to only 2.2% of Dubai's economy last year. The biggest sectors are wholesale and retail and property, which make up 29% and 15% of the economy, respectively. The IMF expects Dubai to grow by 3.7% in 2016.

 

In the next few years, Dubai will begin experiencing added growth from hosting Expo 2020, especially in the construction, transport, tourism and hospitality sectors.

 

70% of the UAE's economy comes from non-oil sectors. Key sectors the UAE competes in globally include:

 

  • Global Aviation
  • Commercial Trade
  • Tourism
  • Renewable Energy
  • Manufacturing
  • Media
  • Financial Services
  • Healthcare

 

Below is a graphic from AmCham Abu Dhabi which shows the UAE's growth and how they are competing in some of their key sectors.

 

gpi-uae diversification-home

 

It's vital for countries to lessen their dependence on oil in order to be more resilient to the unstable oil sector. Diversifying across many sectors will allow the economy to continue to grow, even when some sectors experience lags. The UAE has shown this to be true as their economy drives onward and upward, despite decreased oil prices.

Translation and Localization Resources


You may gain further insight into global e-business, global SEO and website translation and country specific cultural facts and related topics by reviewing some previous blogs written by GPI:

 

 

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Category:
Country Specific
Tags:
UAE economy, UAE oil, UAE key economic sectors, UAE Business, UAE diversification

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Comments

  • ErikaOn Aug 10, Erika said:
    That's a very interesting blog post. Thanks a lot for sharing these information!

    Best,
    Eri
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Jade is a native Chinese speaker from Guangdong, China. She has a degree in English (Advanced Translation and Interpreting) from the Guangdong University of Foreign Studies. Her experience includes providing Chinese translations and consecutive interpretations for global clients and events in the fields of travel, hospitality, finance and investments. She has served as a journalist/writer for Media Most Publishing, a banking relationship manager at RAK Bank and has completed freelance content work for Dubai Tourism and Conde Nast Traveller. When she’s not working, she enjoys traveling, short excursions to other Emirates, swimming, watching movies and playing table tennis.