Sheikh Khalifa prepared the UAE for a full-scale post-oil economy

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UAE
  • Date: 14-May-2022
  • Source: Gulf News
  • Sector: Oil & Gas
  • Country: UAE
  • Who else needs to know?

Sheikh Khalifa prepared the UAE for a full-scale post-oil economy

Dubai: Preparing the UAE economy for a post-oil world will be President His Highness Sheikh Khalifa Bin Zayed Al Nahyan’s enduring legacy for the country – and the wider GCC. It was under his stewardship from late 2004 that the economy shifted its gears from being a developing economy to one that is on the cusp of being a fully developed one. Through this period, oil has averaged over $100 a barrel, reigned in the $80s, slipped under $50 and, during the year of COVID-19, dropped even further. All through this period, the UAE policymakers kept directing the company’s course to a time when oil would have less of a role in the economy’s growth trajectory. Whether it was the creation of Masdar, as the focal point of UAE’s renewable energy offensive, or setting clear milestones for a ‘net zero’ carbon roadmap by 2050, the UAE leadership had that clarity of thought and purpose. Through the difficult phases as well as the super-charged ones. If that meant pursuing blue/green hydrogen initiatives or building world-scale solar power plants, then the UAE went ahead with it. With the economy poised to deliver a 4.2 per cent GDP growth this year – and

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