The UAE has made great strides towards diversifying its economy over the past decade. Today, around 70 per cent of output is accounted for by the non-oil sector. By 2021, that share will rise another 10 percentage points. For a country with a bounty in oil and gas, commodities that remain in high demand around the world, this means an expansion in our local economy. Quite simply, we are growing even larger.
Such developments do not happen on their own. It is the result of careful planning. Currently, a number of laws are in the works that will help establish a welcoming environment for foreign investment. And as the Minister of Economy, Sultan Al Mansouri, explained, other laws will supplement this, making the Emirates an even more efficient place to conduct business for companies already established, as well as those in gestation. On top of that is prudent investments to build new strengths. Such diversifications will see Dh300 billion spent on 100 initiatives covering health and education, energy, transport, water and technology. We are already in the midst of a revolution in renewable energy – in how we increasingly use it and in technology development. Now often known for the fossil fuel we supply the world, we will soon gain renown for the solar and other technologies we are developing to supply the world of the future.
Read more:
> Diversification and the drive towards renewable energy
> The transport revolution is already upon us
But diversification is more than all that. On the road to our transformation into a knowledge society, our schools and universities are also playing a role to ensure that Emiratis take their rightful place in the new economy. And we are adding to our stock of entertainment outlets and cultural venues so that the economics of leisure bring in more tourists to share our hospitality. In other words, through these and many other areas we are not only deepening our economy, but expanding its horizon as well.
The UAE has set the cornerstones for a sustainable economy, guaranteeing it will enter the post-oil era in full readiness. Just as importantly, that economy, in totality, is primed to be even bigger than it is today. For that is just as important an attribute to sustainability.
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Also read:
> Making A Masterpiece: The inside story of the Louvre Abu Dhabi
> Solar rooftops in Dubai double in less than a year
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20profile
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
COMPANY%20PROFILE%20
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)