UAE to invest Dhs300 billion in non-oil initiatives
7 Days | November 21, 2015
The UAE is to invest Dhs300 billion in 100 initiatives in education, health, energy, transportation, space and water as part of its ‘higher policy’ for science, technology and innovation.
The new policy, announced on Saturday, aims to build a strong UAE economy beyond the era of oil, UAE news agency WAM reported.
The nation will seek to develop legislation and set up funds for science, research and innovation.
UAE President HH Sheikh Khalifa bin Zayed Al Nahyan, said: “The UAE is working towards establishing a solid future for the coming generations away from the fluctuation of the energy prices and markets.
“The UAE has set its course for a post-oil world through investing in the development of our people in the fields of science and advanced technology.
“(The) Higher Policy adopted today is a turning point in our journey to develop the UAE economically and socially.”
The new strategy will seek to develop new national legislation to encourage technology transfers, support innovation and establish global contractual industrial partnerships.
The policy will establish funds for science, research and innovation in the UAE.
It also includes targets to increase investment on research and development (R&D) in the UAE threefold – and increase the percentage of ‘knowledge workers’ in the country to 40 per cent by 2021.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “Our aim, as my brother His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has said, is to celebrate the last oil barrel we export because we will be prepared for that day when it comes.”
Sheikh Mohammed said that the new strategy will “change the national economy equation to drive it away from depending on limited oil resources”.
The strategy has been developed over the past year.
The Dhs300 billion investments will be distributed among several sectors.
Clean energy projects will account for Dhs128 billion, some Dhs72 billion will fo towards the renewable energy sector and Dhs 40 billion in aviation research, development and manufacturing.
Investment in the space sector stands for Dhs20 billion and Dhs31 billion will be allocated to investment in enhancing R&D across a range of national initiatives targeting priority sectors.
Some Dhs6 billion has been allocated to establish innovation incubators, while a similar amount has been allocated to develop research centres attached to academia