Contribution of non-oil sectors to the GDP rose to 69% at the end of 2014

Dubai, UAE, 31st March 2015

The Annual Investment Meeting (AIM 2015) held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai at the Dubai International Convention and Exhibition Centre, has revealed that while oil used to account for more than 90% of the UAE GDP in the 1970s, the contribution of non-oil sectors to the GDP rose to 69% at the end of 2014. Today, oil accounts for less than a third of the GDP.

These figures were revealed by His Excellency Engineer Sultan Bin Saeed Al Mansouri, Minister of Economy, United Arab Emirates who said: "As part of the progress witnessed by the UAE, foreign direct investment (FDI) plays an important role in our economic achievements. The UAE has been able to assume a leading position as an attractive destination for foreign investments. We ranked first among Arab countries and 22nd globally in the Global Investment Index for 2015."

On the second day of the event, the world-class infrastructure and professional environment, unparalleled logistics services as well as an advanced air, land and marine transportation network were hailed by key participants at AIM 2015, in addition to investor-friendly legislation, tax free regime, safety and economic stability. All these factors have enhanced the capabilities of Dubai and the UAE in attracting investors.

Mr. Dawood Al Shezawi, CEO, AIM's Organizing Committee said: "The meeting has been successful in enabling knowledge exchange among experts, professionals, academics, consultants and others more than 144 countries."

The 5th edition of AIM is an enriching experience for all participants through open discussions as well as live demonstrations and comprehensive insights. The event is helping forge partnerships and build bridges between countries as well as facilitate cultural exchanges.

AIM is in sync with UAE's vision to enhance the investment environment in the country reflected in the Ministry of Economy introducing new legislation to protect investments through a series of bills that would soon become laws.

He added: "A session about the FDI in Education and skills development was organized on day two. It discussed ways and means to enhance the technological contribution of foreign firms and how important education and skills' development are in this process. A skilled workforce is key to building strong, sustainable and balanced growth, it was pointed out.

Another session on the 'New Developments in FDI in the Energy Sector' discussed the collapse in oil prices with US shale gas and slowing demand from China and Europe, implications for the global economy and growing economies in general and for the Middle East in particular are immense. It  looked at the far-reaching implications on emerging markets.

Also, the Ministerial Roundtable attracted a number of ministers who shared their views on the overall theme of the congress and the policies they would like to see enforced at the international level and offered concrete recommendations they would like to convey to an international body.

AIM also threw light on EXPO 2020 hosted by Dubai and its impact on attracting bulk investments.

During the second day, a session was organized on trends in national and international FDI policies and implications for national policy makers and IPAs.

It was pointed out at AIM that countries further developed their outward FDI frameworks, to help their firms invest abroad - the new frontier of national FDI policy making.

These discussions on day two were of critical importance to national FDI policy makers and IPAs, including as regards attracting knowledge-intensive FDI, as the international investment framework increasingly sets the parameters for national policy making in the FDI area.

Moreover, leveraging FDI for technology transfer and diffusion and showcasing of successful country case studies was done on day two.

It was stressed that countries need to establish an effective national innovation system (NIS) which can provide an interface for technology-related global firms activity, support the development of the absorptive capacities of domestic enterprises and their linkages with international enterprises, and provide a regulatory framework, including a balanced framework for intellectual property that enables the development of a knowledge base and technological capacities.

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© Press Release 2015