UAE on track to achieve non-oil sector's contribution of 80%: Report

On the occasion of the 44th National Day of the United Arab Emirates, the National Media Council (NMC) has issued the following report. Normal 0 false false false EN-US X-NONE AR-SA /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The United Arab Emirates commemorates its 44th National Day on 2nd December, a day which embodies the Spirit of the Union and celebrates 44 years of great achievements since the federation was established in 1971. The day is a celebration of the high esteem in which we hold the founding President of the UAE, the late Sheikh Zayed bin Sultan Al Nahyan, may God rest his soul in peace, and his fellow founding fathers of the UAE Federation. The path they laid down is now followed by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, who continues to lead the nation’s march to progress and prosperity. The incredible achievements of the UAE in recent years have been made possible due to the directives of the wise leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as well as His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and their fellow members of the Supreme Council the Rulers of the Emirates, who have consistently contributed to promoting and developing the country through knowledge and innovation. The UAE today ranks among the world’s leading nations across several key indicators and has become a true role model for all countries around the world. The country enjoys a prestigious position in the Arab world and beyond due to its significant achievements in various fields and its strong presence in all political, diplomatic, economic and humanitarian arenas on regional and international levels. The UAE has always been dynamic and proactive in communicating with other countries and building bridges of close cooperation and strategic partnerships to lead the way in political, economic, commercial, industrial, technological, scientific, educational, health and other sectors. Sustained growth and prosperity Despite the current situation in the region, the UAE has maintained steady growth based on the solid foundations laid down by the founding fathers and followed meticulously by the rulers and the people of the country. Exceptional strides have been made in infrastructure, energy, space, information technology, telecommunications, sustainability and other vital areas, these having significantly contributed to modernising the UAE and enabling the country to achieve top international rankings across major competitive reports. The UAE has maintained its ranking as the leading Arab country for the third year in a row in the World Bank report on the Ease of Doing Business in 2016. The UAE ranked 31st globally in the report, and ranked among the top five countries in the world in three key sub-indices, where it ranked first in the paying taxes sub-index, second in the dealing with construction permits sub-index and fourth in the getting electricity sub-index. The UAE leads the region, and ranks among the top 10 countries in the world, for the number of documented improvements by the World Bank during one year, in the delivery of electricity, construction permits, protecting investors and enforcing contracts. The report also evaluates the efficiency of the country’s judiciary with regards to resolving commercial disputes between two or more parties fairly and impartially. The Ease of Doing Business report factors in the most important global indicators that reflect the extent of interest of the government of the UAE towards local and international investors. The data is carefully collated through the study of civil procedures and other laws and regulations from the courts and through questionnaires disseminated to local lawyers and specialists in trade legislation. The UAE also enhanced protection of small investors by preventing any subsidiary from obtaining shares in the parent company. It also initiated a rule that, in the case of acquisition of 50% or more of the company, the acquired party should receive approval from shareholders, a step considered by the report to be an enabling one that safeguards the interests of investors. The UAE was ranked as the top Arab country for well-being and life satisfaction, and fifth globally, according to