Plans for the country's future growth have been laid out in a number of key documents, of which the most immediately relevant is the UAE Government Strategy 2011-2013, which was agreed following extensive consultations between Government ministries and other departments. This will prove to be a major building block in the achievement of the UAE Vision 2021.
The strategy will seek to ensure that all Government work is undertaken in accordance with a set of guiding principles that put the country's citizens first and promote an accountable, innovative and forward-looking Government administration. Key components, already being implemented, include the enhancement of collaboration between federal and local authorities, a focus on delivering high quality, integrated services to consumers and customers, an increase in transparency and accountable government mechanisms and investment in human resources.
Although the impact of the 2008 world economic crisis has continued to be felt in the United Arab Emirates, as is the case, of course, with every other country in the world, economic indicators suggest that substantial progress is now once again being made. That can be ascribed, in part, to the wise decision by Government to inject a total of 120 billion dirhams (US $32.65 billion) into the banking system in the aftermath of the 2008 crash.
The Global Competitiveness Report 2010-2011 issued by the World Economic Forum ranked the UAE 25th in the world for competitiveness, with the UAE being included for the second year in the third and most advanced stage of "Innovation-driven economies" which includes the highest-ranking countries, classified on the basis of their adoption of factors that promote innovation in economic development.
The UAE has been ranked among the top 10 countries in more than 18 indicators of competitiveness globally, and has reached an advanced position among the 139 countries assessed by the report. The UAE ranked third in the world for 'quality of infrastructure,' three positions ahead of its classification in last year's report, and also ranked third in 'government provision of high-technology products.'
In 2009, the UAE's Gross National Product, GNP, amounted to 914.4 billion dirhams (US $248.8 billion), and is confidently expected to cross the one trillion dirham mark by the end of 2010. This is the second largest economy in the Arab world, despite the UAE's small size and population.
The GDP figures provided clear evidence of the success of the Government's policy of economic diversification. At the time the UAE was founded, in 1971, 70 percent of GDP came from the oil and gas sector, but in 2009, despite much higher oil prices and much higher oil production, supplemented by gas production, this sector contributed only 29 percent of GDP.
Oil and gas will, of course, continue to play an important role in the economy. The UAE has the fourth largest oil reserves in the world, and plans to increase production capacity to 3.5 million barrels per day have involved the commitment over the last couple of years of more than US $30 billion of expenditure on new oil and gas facilities.
Progress in diversification continues, of course, with one particular area of success being the development of the UAE's tourist industry, with over 6 million visitors expected to visit this year. A major component in that success has been the country's two award-winning airlines, Emirates, based in Dubai, and Etihad, based in Abu Dhabi, with low-cost carriers flydubai and Air Arabia, based in Sharjah, also playing a growing role. The re-launching late in the year of fifth airline, RAK Airways, is expected to add further impetus to tourism. Another boost has come from the growing business from sea-borne tourism, as cruise liners opt for UAE ports as destinations or as bases for regional cruises.
The UAE's fine transport infrastructure of ports and airports is not, however, focused solely on tourism, but also makes a major contribution to trade. The opening during the year of Al Maktoum International Airport, in the Jebel Ali district of Dubai, is expected to enhance Dubai's importance as a regional transport and cargo hub, while expansion plans at the Port of Fujairah on the UAE's Indian ocean coastline, the second-largest oil bunkering port in the world, will also lead to further growth in the shipping sector.
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