UAE Minister of Economy Sultan bin Saeed Al Mansouri has said … The UAE is also aiming to scale down the share of hydrocarbon revenues in its economy by 20 per cent by 2025. Oil receipts accounted for 30 per cent in 2014. … As part of a drive to diversify the economy away from oil, the UAE targets increased economic contribution from SMEs – a sector that accounted for 60 per cent of the UAE’s non-oil GDP in 2014. The government seeks to raise the figure to 70 per cent by 2021. The UAE also aims to see a five per cent contribution by 2021 from the innovation sector.
“We admit that there are other countries that excelled in fields of innovation and knowledge and we are in talks with countries in North America, Europe and Asia about collaborations in order to boost our knowledge economy,” he said, adding that the UAE has invested over Dh300 billion in the fields of knowledge and innovation. Rest