Learning how to utilise oil revenues | GulfNews.com

Some GCC countries have achieved further progress in diversification of sources of income and reducing dependence on oil revenues, both in financing of annual budgets or development programmes.
Dubai’s experience in this regard forms an example of how to utilise oil revenues in developing non-oil sectors to find alternative sources for funding for annual budgets.
In the 1980s and 1990s, Dubai’s oil production was estimated at 450,000 barrels per day, but the proven reserves were limited. Therefore, the decision makers’ thinking was focused on the need to speed up the process of using oil revenues effectively in the development of non-oil economic sectors. Dubai has succeeded in this regard, gaining a worldwide recognition, and has become a model for oil-producing developing countries.
Learning how to utilise oil revenues | GulfNews.com