In recent years, the Arab world has been preparing to diversify its economy away from oil. Many Arab nations have devised national visions and economic development plans that intend to transition their respective economies to that post-oil.
Last year, the UAE government launched Abu Dhabi Vision 2030, the strategic framework that is meant to nurture other revenue streams for the country as it veers away from its oil economy. It also plans to elevate Abu Dhabi as one of the main industry hubs in the Middle East and Africa (MENA) region.
As the UAE ushers in its post-oil economy, it also encourages foreign direct investments to drive economic growth. What are the best investments in UAE, and what can prospective investors expect from the market in the coming years?
One of the first priorities of the UAE to prepare for a post-oil economy was to implement policies that made the country’s environment inviting for foreign direct investments. It is establishing itself as a hub for businesses to nurture their growth and expansion in the emirates and in the region. On top of these policies, there are also efforts to strengthen the country’s knowledge base to make it a more efficient venue for businesses.
As a country known for fossil fuel reserves, the UAE has been making strides in expanding and utilizing its renewable energy industry. The lowering costs of setting up cleaner energy options have been making it easier for these infrastructures to be established in the country. This is also expected to become a backbone for other industries looking to expand in the country.
With many development projects related to energy, transportation, real estate, and healthcare, there are many opportunities to invest in first movers or innovators in these markets. These will be great investment opportunities in the UAE, as they continue to support the country’s national development plan.
There is currently an ongoing transport revolution in the UAE. Electric vehicle (EV) makers are opening shops in the emirates, and UAE is at the center of all the activity for possible mass-market EV sales. Transport solutions are also rapidly evolving, with plans for magnetic levitation trains and high-speed rails in the pipeline.
As industrial cities continue to drive the country’s post-oil economy, these transport developments will help the UAE grow the economy from manufacturing and related industries through these investments.
The media and entertainment industry is also undergoing a transformation in the UAE, and this presents an interesting opportunity to invest in technology, talent development, and digital business. These will open up many different revenue streams for the economy and also support the growth of the country’s knowledge and talent base.
Setting up the cornerstones for the post-oil economy has been underway, and the UAE is ushering in a new era of development right on schedule. Their full readiness to transition to a post-oil economy has been established. Businesses looking to expand and find investments in the UAE will find that the country is ripe for major transformation, and now is the best time to ride the wave.