UAE's efforts to diversify national income underway

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ABU DHABI, Oct. 11th, 2008: The UAE is making efforts to further diversify its income sources and avoid being fully dependant to maintain sustainable economic and social development, according to a statement by the UAE delegation to the United Nations General Assembly Second Committee.

"The UAE views sustainable development as the best way to provide stability and security for all peoples of the world ... and is urging for the adoption and implementation of all relative international resolutions and recommendations", said the statement which was delivered by Sheikha Salman Al Za'abi, member of the UAE delegation to the meetings of the GA Second Committee in New York.

The statement cited the following five economic approaches to development which were adopted by the UAE:1- Focus on human resources development through providing proper education and social and health care for all people and providing equal employment opportunity for all emarati men and women. In this regard, the UAE ranked 37th in the UN human development report (HDR) for 2007-2008.

2- Adopting the market economy and supporting the private sector with new legislations and regulations to further boost competitiveness and create an environment that is attractive to foreign investments. In support of small and medium businesses, the Khalifa Fund for Supporting Small and Medium Enterprises and Mohammed Bin Rashid Establishment for Young Business Leaders (SME) were created.

3- Elevating the average annual income of citizens to AED 118000. Other signs of economic growth include the increasing number of UAE companies' overseas investments. The UAE economy is now the most competitive in the Arab World and is among the world's most free and attractive economise for foreign investments. The government has launched anti-corruption and anti-money laundry procedures.

4- Preserving environmental sustainability and integrating environmental preservation into national planning for a diversified economy into the 21st century. In cooperation with the World Wildlife Fund (WFF), the UAE has launched Masdar city, the world's first zero-carbon city that depends on renewable and clean energies.

5- Taking part in global and regional partnerships and efforts for development and offering support to developing countries and areas hit by conflicts and natural disasters.

The statement added that current global food, credit and energy crises and climate change now threaten to impede sustainable development in developing countries in particular where half of the world population suffer from dire poverty, chronic diseases, unemployment, terrorism and armed conflicts.

© Copyright Emirates News Agency (WAM) 2008.