Dubai shows way to diversify economies - The National

Dubai and Norway are being held up as examples of how the GCC nations can successfully diversify their economies.

In a report, Bank of America Merrill Lynch (BAML) suggested that following the path of those economies by focusing on higher value-added sectors and reforms could raise GDP in the region by 1 to 1.5 per cent.

The advice to speed up diversification comes as oil revenue for most of the GCC is expected to fall short of last year's gains as crude prices have slid. The oil sector accounts for about 30 per cent of GDP in the GCC on average.

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