16th May - 5th June
Emerging Sectors in UAE
The UAE is a federation of 7 Emirates, each having a large degree of independence and freedom which is centrally goverened by a Supreme Council of Rulers comprising of 7 emirs. Hence, there is a certain degree of variation in the composition of their economic sectors and the impact each sector specifically has on the overall progress of the region. However, oil and energy have been central in the transformation and progress of the country allowing the countries to gather capital to diversify into services including health care, education and construction.
With oil production and global supply levels stabilizing, growth in the UAE's hydrocarbon economy has been predicted to gradually soften over the coming years. Authorities believe that GDP will be eventually driven by the non-oil sectors in particular hospitality, manufacturing and construction. Tourism is another industry that has been reaching record highs with 83.6% hotel occupancy reported in Jan 2014. Other areas that are emerging include entertainment, education, banking and real estate. Macro-regulatory authorities are paying more attention to agriculture, entertainment, infrastructure and logistics and covering areas such as risk management, marketing and other investments in sectors of energy, manufacturing and financial operations to solidify the longer term stability and growth pool of the UAE. This perhaps is one of the key selling points for studying in the UAE as career prospects are healthy in a range of sectors including Oil and Gas, Construction, Hospitality and Banking.