The UAE and the wider Gulf Cooperation Council (GCC) have for some time sought to diversify their income sources and move away from dependence on oil, an objective that is key to the economic and social future of the region.
Over the past four decades, the UAE and GCC countries depended on oil sales to finance budgets. As a result, huge sums were invested to develop infrastructure, education, health, housing, and general services sectors, as well as strategic financing for industrial, transport and tourism projects.
From the very start, the UAE realised that oil wealth would not prop up the country's economy indefinitely. Even a cursory look at the economies of Europe and America shows how important industrial development and economic evolution is to sustaining a country over the decades. That is why the UAE sought, from the very beginning, to invest its oil revenues in establishing infrastructure for the development of other sectors that would contribute to diversifying national income sources and, in the long term, gradually substitute oil wealth.
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