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UAE, the world’s eighth biggest oil producer, maintains a free-market economy with minimum restrictions on private-sector activities, international trade and capital movements. In spite of the impact of the global economic recession, the UAE’s economy has proved to be remarkably flexible. In this paper we will see that UAE Economy is one of the most diversified economies between the Arab countries because it’s not just relying on oil, it has also so many important sectors which play a big role in the Economic development of the country like Trade and tourism, and in this paper we will see the role of non-oil Exports in the Economic diversification. problems, or barriers to growth. In all the plans, diversification is understood as vertical diversification, where the crude output from the hydrocarbon sector is either processed into downstream products like petrochemicals or used an input into the manufacturing sector, such as in aluminum smelting or steel production. In both cases the value added benefits the country. Second, vertical diversification entails the growth of non-oil related manufacturing and especially service industries [1]. As a result, we can say that Economic diversification is so important for GCC countries and in particular the UAE. Recently GCC countries have taken some steps in achieving economic diversification. UAE was the most competitive economy in the Middle East, more than many of the developed countries, according to IMD World Competitiveness Centre Index (2013). The index ranked the emirate as the 8th most competitive economy in the world, more competitive than France (28), Japan (24), Australia (16), Spain (45), Portugal (46), and Russia (42). IMD rated Canada just one notch above the UAE, ranking it 7th most competitive economy globally [2]. Official figures have showed that Abu Dhabi and Dubai have been investing billions of dollars to diversify their economies in order to diminish reliance on oil and petrochemical sectors. Both the emirates are pumping money into trade, tourism, logistics, aviation, infrastructure and banking and finance The member countries of the Gulf cooperation council (GCC) passed major economic transformation over the past decade. The main goal of the economic policies set into place was to diversify their economies away from the oil sector. This long standing problem is linked to the non-renewable nature of oil resources. The instability of oil revenues combined with strong demographic expansion have brought the topic back into the headlines especially after the new rules regarding labor force in GCC countries and the need to create jobs, all of these factors lead to start the new polices like Emiratization which is a government policy designed to increase the participation of native workers in the production of goods and services in the UAE private sector. The policy has its origins in the 1990s out of government‟s concerns of private sector‟s heavy reliance on expatriate labor, high unemployment among native workers and the expectation of a relatively young Emirati population entering the labor force by the mid 2010s. It is estimated that in the next ten years, 200,000 young Emirati nationals (or 25 percent of the current Emirati population) will be entering the labor force [3].

Economic Diversification by Boosting Non-Oil Exports (Case of UAE)