UAE maps new economic path from oil dependence

The United Arab Emirates announced plans to boost its GDP to 3 trillion dirhams ($817 billion) while expanding non-oil exports to 800 billion dirhams as part of its economic transformation strategy, the Emirates News Agency (WAM) reported.

The UAE's economic transformation focuses on three key areas: reducing oil dependence while strengthening sectors like tourism and finance; advancing artificial intelligence and blockchain technology; and pursuing environmental sustainability through clean energy initiatives.

Abu Dhabi will host the Investopia 2025 summit Feb. 26-27, offering a platform to explore the nation's economic future as it transitions toward a knowledge- and innovation-based economy.

The country's "We the UAE 2031" vision outlines these targets alongside plans to increase foreign trade to 4 trillion dirhams through various initiatives including blockchain adoption and artificial intelligence development.

Economic experts told WAM that the UAE is establishing itself as a global innovation hub through policies including flexible regulations and tax incentives.

Lesotho's Minister of Information, Communications, Science, Technology and Innovation Nthati Moorosi praised the UAE's leadership in developing future economies, noting that emerging countries can learn from its model.

Eric Jarvis, IT software management manager at L3Harris Technologies, said his company is increasing its industrial presence in the UAE, citing the country's ability to transform technological innovations into practical solutions.

The UAE's economic strategy is supported by multiple initiatives, including the UAE Centennial 2071, The Principles of the 50, and strategies for blockchain, artificial intelligence, and industrial development.