GDP rose from 314.81 billion dirhams to 1.54 trillion dirhams in the last 10 years
A new report by “HotelandRest” stated that the United Arab Emirates, over the past ten years under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has turned into a major economic power in the region.
The report stressed that the country has witnessed a transition from an oil based economy to a productive economy with enormous diversity in various fields.
Sheikh Khalifa led the United Arab Emirates over the past decade to an economic superiority where the GDP rose up to 1.54 trillion dirhams in 2014, noting that the GDP was recorded at the beginning of Sheikh Khalifa’s leadership (back in 2004) at 314.81 billion dirhams.
The report pointed out that the GDP quintupled during the past ten years and is still undergoing further growth, according to the IMF forecast, GDP will rise in 2018 to a 1.74 trillion dirhams.
H.H. the President of the United Arab Emirates has succeeded in implementing a smart strategy of diversifying sources of income continuing the footsteps of his father Sheikh Zayed bin Sultan Al Nahyan.
It is noteworthy to mention that the UAE GDP has doubled to more than 236 times during the past 43 years, the United Arab Emirates reached about 6.5 billion dirhams in 1971.
The report said that the UAE’s strategy in the past ten years focused on the development of non-oil sectors that recorded the contribution of 69% of the total GDP, so that the contribution of the oil sector dropped to almost one-third.
The wise leadership of Sheikh Khalifa was behind this stunning economic development, as the UAE became one of the most economically-powerful countries in the world in terms of liquidity and cash surpluses, due to the success in implementing a diversified sources of income.
The report said that as a result of this successful policy led by Sheikh Khalifa bin Zayed Al Nahyan, the UAE has achieved the tenth place internationally as per capita income index, as the national savings rate of GDP rose during 2014 to a rate of 32.9%, which is largest savings rate in the world, surpassing most of the major economies such as Germany, France, Italy, Brazil, Canada and others.
In terms of national per capita gross income, the report predicted that the UAE will become one of the top 10 countries in the world by 2020, noting that the country currently holds the 16th place.
Highlighting the travel and tourism sector the report stressed that the UAE will be one of the best countries in the world in terms of attracting tourists due to its superiority over most of the other countries in the tourism infrastructure.
The report is based on a recent research by the World Council of Travel and Tourism, which expected that travel and tourism sector will contribute to about 122 billion Dirhams to UAE’s GDP, approximately 8.5% during 2014, representing an annual increase of 4.5% when compared to 2013.