DUBAI (Sputnik) — The United Arab Emirates intends to continue reducing its dependence on oil revenues, with the target of limiting the sector to 20 percent of GDP, UAE Economy Ministry Undersecretary Abdullah Ahmed Saleh said.
"The reason the UAE did not experience any serious negative effects of low oil prices on its economy is because we chose not to base it [our economy] on the oil industry," Saleh said.
According to the minister, currently, oil revenues represent less than 30 percent of the country’s GDP.
It is UAE government policy that in the future revenue from oil and gas should not exceed around 20-25 percent of GDP, Saleh said.
The oversupply of oil and stable demand over the past two years have driven global prices to lows not seen since the 2007-2008 financial crisis. The Brent benchmark hit a 2004-low of $35.98 on Tuesday.
