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Middle East Electricity 2019

Middle East Electricity 2019

March 05, 2019

The UAE is an open economy with a high per capita income and a substantial annual trade surplus. Successful economic diversification has made UAE more attractive for global investors in comparison to other nations in the gulf region. Economic diversification has reduced the contribution of oil and gas sector in GDP to 30%. Strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification, free zones and increased foreign direct investment has made UAE the 14th richest economy of the world in terms of Purchasing Power Parity (PPP). As per the World Bank Group, UAE ranks 21 in ease of Doing Business among all nations of the world. The incumbent government has launched 'Vision 2021' with the aim to make the UAE among the best countries in the world by its Golden Jubilee year. In order to translate the Vision into reality, its pillars have been mapped into six national priorities which represent the key focus sectors of government action in the coming years.

 

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