https://sputnikglobe.com/20151229/uae-oil-economy-gdp-1032446453.html
UAE Wants to Reduce Share of Oil Revenues to 20% of GDP
UAE Wants to Reduce Share of Oil Revenues to 20% of GDP
Sputnik International
In the future, revenue from oil and gas should not exceed around 20-25 percent of the UAE GDP, an official said. 29.12.2015, Sputnik International
2015-12-29T11:15+0000
2015-12-29T11:15+0000
2015-12-29T11:15+0000
https://cdn1.img.sputnikglobe.com/i/logo/logo-social.png
uae
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2015
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
business, newsfeed, uae, abdullah ahmed saleh
business, newsfeed, uae, abdullah ahmed saleh
UAE Wants to Reduce Share of Oil Revenues to 20% of GDP
In the future, revenue from oil and gas should not exceed around 20-25 percent of the UAE GDP, an official said.
DUBAI (Sputnik) — The United Arab Emirates intends to continue reducing its dependence on oil revenues, with the target of limiting the sector to 20 percent of GDP, UAE Economy Ministry Undersecretary Abdullah Ahmed Saleh said.
"The reason the UAE did not experience any serious negative effects of low oil prices on its economy is because we chose not to base it [our economy] on the oil industry," Saleh said.
29 December 2015, 11:09 GMT
According to the minister, currently, oil revenues represent less than 30 percent of the country’s GDP.
It is UAE government policy that in the future revenue from oil and gas should not exceed around 20-25 percent of GDP, Saleh said.
The oversupply of oil and stable demand over the past two years have driven global prices to lows not seen since the 2007-2008 financial crisis. The Brent benchmark hit a 2004-low of $35.98 on Tuesday.
