What should be done when the oil runs out?

DUBAI --- The UAE Cabinet retreat on post-oil phase concluded today. Federal and local government officials took part in the retreat and discussed ideas and initiatives that will contribute in diversifying the UAE’s economy and ensuring its sustainability.

Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, took part in the second day of the Cabinet retreat along with H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and H.H. Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor and Deputy Chairman of Abu Dhabi Executive Council.

His Highness Sheikh Mohammed bin Rashid said: "The development of human capital is the global currency of the 21st century economies, and the only way to achieve sustainable development and promote the UAE’s journey towards further progress and prosperity. We, in the UAE, have the expertise and the resources, the will and the determination, and most importantly, the vision and the wise leadership to ensure our economy are sustainable."

Sheikh Mohammed bin Rashid added: "The UAE is ready and has been always pioneering, it has the innovative solutions and creative ideas to address challenges. Our goal is leading by example and conveying a historic image of the UAE’s achievements to the world."

His Highness Sheikh Mohammed bin Rashid gave directives at the end of the Cabinet retreat to launch the UAE Post-Oil Strategy in the coming weeks.

The strategy will include ideas and initiatives concluded in the retreat. It will work to strengthen the competitiveness of the current economic sectors as well as gradually introduce new sectors, which will achieve a quantum leap in the UAE’s economy, boost competitiveness and ensure its sustainability in accordance with the highest international standards.

In turn, His Highness Sheikh Mohamed bin Zayed Al Nahyan, said: "We strive to make the UAE a model of a nation succeeded to transform its economy from depending on natural resources to depend on skills and its human capital and they are our bet for a prosperous future. "

"The post-oil transformation is a turning point in our history as UAE nationals. The success in making this transformation is our only option and it will be realized. The vision of the UAE President will be always the first reason to pursue excellence and success."

Sheikh Mohamed bin Zayed also added: "We will continue shaping the future and plan for it. We will launch effective national initiatives and adopt unconventional methods to realize a comprehensive development process towards more achievement and ensure a leading position of the UAE globally. We want a scientifically advanced UAE, we aim to have an Emirati robust economy depending on advanced industries and scientific research, and we want Emirati innovations that change the lives of our future generations"

On its second day, the Cabinet retreat was interactive and witnessed a lot of discussions and proposed solutions.

The results of the first day of the retreat were presented in four pillars where H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, headed a working group on human capital that aims to develop, attract and retain talents, while H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, chaired a working group on the economy pillar to discuss building a robust knowledge economy based on technology and innovation.

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Minister of Finance, chaired a working group on the government policies pillar that aims to ensure government financial sustainability and utilize government resources to contribute to the UAE’s post-oil economy.

Another working group on community was chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, to discuss ways of ensuring the sustainability of social welfare for Emirati families and diversify sources of income.

A representative from each group presented initiatives proposed in each pillar. These initiatives will be put to further discussion and consideration before they are included in the strategy that will be soon announced.