Business | Oil & Gas
Gulf oil exporters expected to earn $305b this year Lubna
Shaikha Lubna Al Qasimi, UAE's Minister of Economy and Planning, said on Sunday evening at the World Economic Forum in Davos that the Gulf region's oil export revenues are likely to reach $305 billion (Dh1,121.79 billion) in 2006, a five-fold increase over 1998.
- By Mohammad Ezz AL Deen, Staff Reporter
- Published: 00:00 January 31, 2006
Dubai: Shaikha Lubna Al Qasimi, UAE's Minister of Economy and Planning, said on Sunday evening at the World Economic Forum in Davos that the Gulf region's oil export revenues are likely to reach $305 billion (Dh1,121.79 billion) in 2006, a five-fold increase over 1998.
"Oil exporters could haul in $700 billion this year from selling oil. This includes not only Opec but also Russia and Norway, the world's second- and third-biggest earners..."
The UAE would, however, be one of the biggest beneficiaries.
"There is no doubt that oil will continue to play an important role in the development of the UAE for many years to come. But oil will not take us to the next level of development. We need to grow and diversify our economic and industrial base," said Shaikha Lubna.
She said the UAE is open to international investors with 100 per cent foreign ownership in 15 free trade zones; up to 75 per cent foreign ownership outside these areas depending on the sector and the emirate; no taxes (excluding banking); free flow of capital and no restrictions on repatriation of capital; free movement of labour (less than 25 pe cent of the population are nationals); negligible barriers to entry (effective tariff rate is five per cent for most goods); and access to the Arab market with 300 million consumers.
Investments made by women in businesses in the UAE has exceeded Dh12.5 billion, said Shaikha Lubna Al Qasimi, UAE's Minister of Economy and Planning.
She said there are more women employees than men in the UAE's government sectors 30 per cent in management positions and 70 per cent are teachers, doctors and pharmacists.
"Fifteen per cent of the professors in UAE universities, 32 per cent of employees in finance and banking industries, and 38 per cent of stock market investors are UAE women," she added.
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