By IANS
Dubai : The United Arab Emirates (UAE) will have 70 percent of its gross domestic product generated from real estate and financial services by 2010, reducing dependence on hydrocarbon sectors, a report has said.
The country will lead the rest of the Gulf Cooperation Council (GCC) members in terms of reducing dependence on the oil and gas industry, according to a study by NCB Capital, the asset management and investment arm of Saudi Arabia-based National Commercial Bank, WAM news agency reported Monday.
“Economic prospects in the UAE look bright, with the pace of growth likely to remain strong supported by sustained high energy prices, a strong investment momentum and an improved domestic business climate,” it said.
The UAE has been the most successful among the six-member GCC in diversifying its economy with its hydrocarbon revenue contributing only 37 percent of its Dh485.5-billion ($132 billion) GDP in 2007, the study said quoting the global research and advisory company Economist Intelligence Unit (EIU).