DUBAI: The United Arab Emirates (UAE) will set up a new federal ministry of investment to develop the Gulf state’s investment strategy both globally and domestically as it contends with growing economic competition from neighbours.

The Gulf states, largely dependent on hydrocarbons for revenue, all have plans underway to diversify their economies and sources of income.

The UAE is considered among the most advanced, having developed sectors such as financial services and tourism ahead of its neighbours, as well as implementing key social and business reforms to attract foreign investment.