The UAE has not experienced the serious effect on the economy of low oil prices due to the refusal of the country from dependency on the oil industry, said Deputy Minister of economy of the UAE Abdullah Ahmed al Saleh.
DUBAI, 29 Dec. Yulia Troitskaya. UAE are going to continue to reduce dependence of the economy on oil revenues, increasing their share in GDP to 20%, said in an interview with the Deputy Minister of economy of the UAE Abdullah Ahmed al Saleh.
“The reason that UAE did not experience any serious negative impact on the economy of low oil prices, lies in the failure of our country from dependency on the oil industry… To date, revenues from oil sales in the budget of the UAE do not exceed 30 per cent,” he said.
According to al Saleh, the development policy of the country stipulates that in the future the share of revenues from oil and gas should not exceed 20-25% of GDP.
The full version of the interview is available on the website ria.ru at 13: 00 MSK