The United Arab Emirates (UAE) is working towards lessening their reliance on oil to continue growing their economy. They are doing this by building up other sectors of their economy, like renewable energy and tourism. This strategy makes the UAE more flexible to the sharp fluctuations in the global oil sector we have seen lately.
According to a June 2016 article in The National, mining and quarrying, part of the oil sector, contributed to only 2.2% of Dubai's economy last year. The biggest sectors are wholesale and retail and property, which make up 29% and 15% of the economy, respectively. The IMF expects Dubai to grow by 3.7% in 2016.
In the next few years, Dubai will begin experiencing added growth from hosting Expo 2020, especially in the construction, transport, tourism and hospitality sectors.
70% of the UAE's economy comes from non-oil sectors. Key sectors the UAE competes in globally include:
- Global Aviation
- Commercial Trade
- Renewable Energy
- Financial Services
Below is a graphic from AmCham Abu Dhabi which shows the UAE's growth and how they are competing in some of their key sectors.
It's vital for countries to lessen their dependence on oil in order to be more resilient to the unstable oil sector. Diversifying across many sectors will allow the economy to continue to grow, even when some sectors experience lags. The UAE has shown this to be true as their economy drives onward and upward, despite decreased oil prices.
Translation and Localization Resources
You may gain further insight into global e-business, global SEO and website translation and country specific cultural facts and related topics by reviewing some previous blogs written by GPI:
- Why Arabic is Difficult to Translate
- The Growing Arabic Speaking Marketplace
- 10 Facts About Arab Culture - INFOGRAPHIC
- Website Translation Tips and Best Practices by Country Series
- Language Translation Resources
- Creating Culturally Customized Content for Website Translation
Please feel free to contact GPI at email@example.com with any questions about our translation services. Also let us know if you have any interesting blog topics you would like us to cover in future blogs. You may also request a complimentary Translation Quote for your projects as well.
About the Author
Global Project Services Manager. Vimal Panicker is from Mumbai, India, and lives in Dubai. He has 5 years of experience in project management, working in the translation and localization business and has managed projects for a diverse portfolio of companies in the IT, life sciences and legal industry. Vimal holds a Bachelors Degree in Commerce from Mumbai University and has a great passion for developing and maintaining client relations. He started off his career in the localization industry itself and is well-informed with the tools, processes and practices. He loves working with a culturally-diverse team and believes in exceeding client expectations. For him, translation is not only a great medium to work with people from diverse cultures but also a great platform to connect with organizations from varied sectors and understand their business functions. Outside work, he loves to watch and play football and has a great interest in fitness activities.More Content by Vimal Panicker