UAE ranks first among GCC countries in oil diversification efforts

  • Date: 30-Aug-2020
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:UAE
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UAE ranks first among GCC countries in oil diversification efforts

The UAE has ranked first in economic diversification in the GCC and 16th in global rankings for ease of doing business; climbing up 12 spots within a period of five years, according to a UBS report released by the UBS Global Wealth Management's Chief Investment Office on investing in emerging markets after the Covid-19 pandemic.While the UAE is already home to a diversified range of industries including, among others, metals, pharma, food and beverages, and transportation, defense, and aerospace equipment, it has set clear strategies on promoting robotics and advanced manufacturing techniques to better position the local economy for the future.According to the report globalisation and its boost to international trade have benefited emerging markets over the past decades, but negative side effects have evolved in parallel. The coronavirus crisis