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More investment in UAE non-oil sector could double GDP, says Mubadala’s Khaldoon Al Mubarak

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“Future generations will live in a very different world. We must prepare ourselves and our children for what is to come.”

As a solution to this challenge, Al Mubarak said the UAE government is committed to fostering cooperation and problem solving. “That’s why we are actively pursuing plans to boost economic growth,” Mubarak said.

The goal is to double the UAE’s GDP through non-oil resources, which is why the UAE continues to work with entrepreneurs, innovators and investors in promising and challenging areas such as space research, artificial intelligence, healthcare and sustainable finance. The reason for the field work, Al Mubarak said.

The UAE’s GDP will grow by 7.6% in 2022, and its non-oil foreign trade hit a record high last year, reaching more than 2 trillion dirhams, an increase of 17% compared with 2021. Mubarak said the UAE’s initiatives – such as Mission to Mars, the Abraham Accords and the groundbreaking CEPA deal with India, Indonesia and Israel – were examples of how cooperation can help overcome complex problems.

Al Mubarak said: “Disruption can accelerate the search for solutions to our most pressing problems. Our leadership believes that overdependence on one commodity (oil) is a recipe for failure. Today, we are growing faster than any country investing in energy transition.”

Sheikh Mubadala said: “When we launched Masdar 12 years ago, the question was asked – ‘Why should a country rich in hydrocarbons invest in clean energy’. Our leadership believes that climate change is An existential threat. We need sustainable growth for our children and grandchildren.”

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