Being the seventh largest crude oil reserves, UAE rules over the global energy market. 25 percent of UAE’s gross domestic product is comprised by oil exports. UAE’s economy is tremendously reliant on oil exports but we really need to know that there’s more than oil. Considering the monstrous monuments emerging from the desert, UAE is not just an oil hub, it’s a place of innovation. A large number of small businesses are emerging in UAE and the conditions for them are getting better in recent times.
Except oil and gas industry, let’s discuss 4 mainstream industries which will decide the future of UAE:
- Advertising, PR, Media & Entertainment
The media sector in UAE is growing steadily with lots of opportunities in entertainment, public relations and advertising. The digital media platform is also developing in the region while entrepreneurs are entering with innovations, demand of market research is also increased. UAE is getting recognized for its local talent and creative edge when it comes to entertainment. UAE production companies have quickly established them in the film industry. It has partnered with global media companies and studios as well.
- Engineering, Construction & Real Estate
The oil-rich UAE is well-developed in the real estate and infrastructure sector. And that’s why it has become a global destination for tourists due to the glittering sky-touching monuments like Burj Khalifa. It has also boosted job opportunities and investments in engineering and construction respectively. Upcoming construction projects and developing hi-tech urban infrastructure makes UAE stand tall in the real estate industry globally.
- Retail/Trade & Logistics
International brands are flooded in UAE when it comes to the retail industry. Due to high standard of living in UAE, goods are in large demand which open the gates for trade opportunities. UAE import, as well as export trade, is well-balanced and its growing efficiency has boosted the transportation and logistics as well.
- Production/Manufacturing, automotive and ancillary
UAE not only produces oil and gas, it’s manufacturing sector produces everything from raw materials to medium and final products. UAE has also proven its leading edge in innovation and technology. The rapid progress experienced by UAE in the field of automotive and ancillary is remarkable in recent times.
UAE is a consistent performer when it comes to hotel and tourism business. Its lavish hotels and tourist places has become a centre of attraction globally. UAE is also developing in the human resources sector.
According to the Global Innovation Index, UAE will be amongst top 20 countries in innovation by the year 2021. As the government financially supports small and medium-sized industries to grow, UAE is going to emerge in the global business world. The officials and economists in UAE are more concerned about generating economy beyond oil. They are keen to bring a revolutionary reform in the industrial sector of the region. UAE is going to dominate the global economy like it’s doing currently in oil reserves.