By NNN-WAM
Dubai : The UAE will have 70 per cent of its gross domestic product generated from non-hydrocarbon sectors such as construction, real estate and financial services by 2010, making it attractive to foreign businesses wanting to set up operations overseas.
The country will lead Saudi Arabia, Qatar and the rest of the Gulf Cooperation Council members in terms of moving away from too much dependence on the oil and gas industry, according to NCB Capital, the asset management and investment arm of Saudi Arabia-based National Commercial Bank.
“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 in a study entitled “Investment Strategy: Capitalising on the Petrodollar Windfall”.
According to Khaleej Times, the 68-page study said the UAE has been the most successful among the six-member GCC in diversifying its economy with its hydrocarbon revenue contributing only 37 per cent of its Dh 485.5-billion GDP in 2007, quoting the global research and advisory company Economist Intelligence Unit (EIU).