Rise of several non-oil sectors in order to make the UAE a mixed free-market economy is the result of the journey that started at least two decades ago. Before this, oil and natural gas
production together made more than a quarter of UAE’s gross domestic product (GDP). The sectors that have witnessed magnificent growth are manufacturing, commerce, hotels, real
estate, construction, transportation, finance, insurance, and the re-export sector.
Relatively the latest development is in the green economy sector. This development was started in January 2012 under the slogan “A green economy for sustainable development”. The vision
2021 also sports the development of a green economy. UAE is continuously striving hard to become a leader. They are at the edge to claim leadership both in technology and production.
The 6 key initiatives and the related areas are
- Promote Green production with the increased use of renewable energy.
- Encourage investors to invest in this sector by facilitating them with production, import, export, and re-export
- Design and Implement Urban Planning to raise the efficiency of housing by reducing pollution
- The next initiative is to protect the ecological balance. This will be achieved by maintaining biodiversity, promoting organic agriculture
- The fifth initiative is to reduce waste by increasing recycling and batter management of resources like electricity and water
- The sixth set of initiatives is related to technology. By technology here we mean the green technology development
Other than this the initiatives of free trade zones, expedite the industrialization and FDI like in Jebel Ali. Internet City is another attraction for the leading technology firms like Microsoft, Oracle, Hewlett Packard, and Cisco Systems.