MOSCOW (Sputnik) — The United Arab Emirates is working on introducing the legislation to increase inflow of foreign investment and boost the share of non-oil sector in country's economy to 80 percent by 2021 from about 70 percent currently, UAE Economy Minister Sultan Bin Saeed Mansoori said in an interview published Thursday.
"We will adapt to local, regional and global developments and changes and sustain the rapid pace of economic growth with the goal of increasing the share of the country’s non-oil GDP to 80 per cent by 2021," Mansoori told The National newspaper.
"The draft of the law has been completed and submitted to the legislative bodies for approval," Mansoori said, when asked of the latest developments regarding the law.
The ministry expects the law to accelerate GDP growth and boost the share of foreign direct investments in the economy to around 5 percent, Mansoori concluded.
The diversification of the economy away from petroleum is the main policy of the UAE, as the country aims to hedge risks of oil price decline and global economic stagnation. The country has managed to become a global financial and major trading center, as well as major tourism sector.
