THE PATH TO DIVERSIFICATION OF THE UAE ECONOMY

Abstract

The article analyzes the process of economic diversification in the United Arab Emirates (UAE) from the formation of the state to the present day. In particular, it considers the Vision 2021 strategy and the We are the UAE 2031 strategy, which provide long-term plans to expand the diversity of the country's economic pillars with an emphasis on knowledge, innovation and technology. The main objective of the strategy is to deregulate market relations, further promote the country as a logistics hub in the Middle East and provide the private sector with the necessary infrastructure and institutions for doing business.

The article analyzes the evolution of reforms adopted to achieve the goal of reducing commodity dependence through the introduction of digital technologies, support for innovation and entrepreneurship. It also discusses the results of economic diversification achieved through the development of non-oil sectors. These indicators confirm that the diversification process has achieved some progress, but still has prospects for further growth. The UAE experience shows the importance of strategic vision, as well as the significance of the effectiveness of project implementation, by stimulating the interest of the population in achieving results.