Dubai - Mubasher: The GDP of the UAE has doubled from AED 663 billion ten years ago, to AED 1.36 trillion, said Sheikh Mohammed bin Rashid, the vice president of the UAE and the ruler of Dubai.
"We have continuously stressed in the past ten years, through legislation and policies, the importance of diversifying our economy away from dependence on oil," the ruler of Dubai said in a message to the Emirati people on Saturday, marking 10 years since his became prime minister
"As a result, our non-petroleum exports have increased from AED 113 billion when I assumed office to AED 603 billion (including free zone trade) in the past year," he added.
The economic contribution of the non-petroleum sector has increased from 66% to some 77% today, Sheikh Mohammed indicated, adding that the public sector’s contribution to the GDP has grown from AED 23 billion ten years ago to AED 86 billion.
Foreign Direct Investment has seen a sharp increase from AED 179 billion to AED 410 billion in the past ten years, while the banks’ total assets has increased from AED 859.6 billion to AED 2,478.2 billion, he showed.
He also said, "we have seen a major growth in our competitiveness, from being the world’s 32nd most competitive economy to the 16th."
