Vox Pop DAY 2015
NATIONAL
Emirati
Key steps that the UAE is taking to diversify its
economy and how Emiratis can play their part
By Mr Mohammad Al Janahi
by establishing a track record in
developing and building major real
estate projects.
In addition, the UAE intends to sustain
its international position as a pioneer
in the energy sector. The Arabian Gulf
federation recognizes the long-term
challenges facing the oil industry. As
a result, the UAE made substantial
research & development investments
in alternative sources of energy such
as solar power, hydrogen powerplants and nuclear energy generation
facilities. The country is aiming to
position itself as an energy solutions
provider, even in a world where oil will
no longer be the key source of energy.
The UAE is the leading economy in
the overwhelmingly crude-oil reliant
Middle East; in terms of progress
in diversifying its economy, which
is built on a fusion of capitalist and
socialist ideals. The GCC member’s
ongoing attempts to establish a
sustainable and diversified economy
now encompass exporting expertise
to other regional countries and
the development of home-grown
alternative energy sourcing initiatives.
Due to various political factors, the
UAE’s economy found itself in a
position to export construction and
real estate development expertise
available in UAE corporates such as
Arabtec Construction and Emaar
Properties to a number of regional
countries; including Egypt and Saudi
Arabia. The UAE’s construction and
real estate firms have particularly
benefited from the country’s growth
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In order to realise its objectives, the
most successful union of Arab states
in recent history needs the support
of its own people. Emiratis need to
contribute to their nation’s efforts by
developing the SME sector further.
The government will continue to
require Emiratis to operate it and the
vastly expatriate dominated private
sector remains an attractive and
almost untouched opportunity for
UAE nationals. However, instead of
seeking employment in the private
sector, Emiratis are encouraged to
compete by establishing their own
SMEs. The UAE is in serious need
for indigenous risk takers and that
will allow the country to share its
economic diversification project with
its local population.
Mohammad Sultan Janahi is a Dubai
based commentator on current affairs.
Mohammad’s
publications
debate
social and economic behaviour in the
Middle East, mainly the UAE, whereby
he endeavours to discuss long-term
approaches to tackle current challenges.
National Day Feature