What is it about?
This paper examines the transition of the United Arab Emirates (UAE) from oil dependency to sustainable diversification and economic resilience. It analyzes the facilitators, inhibitors, and future of sustainable development in the UAE, considering the dynamics of policy reform after the COVID-19 pandemic. The findings highlight the paradigm shift in the UAE's economic policy towards sustainable diversification and resilience, driven by fluctuating oil revenues, globalized markets, environmental obligations, and recent changes in energy markets. The findings of the paper also indicate that not all patterns of diversification lead to sustainable development and resilient economies. The paper emphasizes the paradigm shift towards sustainable diversification and economic resilience, integrating long-term, environmentally sustainable growth goals.
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Why is it important?
This research is important because it provides novel insights into the UAE's journey towards a sustainable and resilient economy. It contributes to the public policy debate on economic policies in the UAE, particularly on sustainable diversification initiatives and the trade-offs involved. The unique aspect of this work lies in its analysis of the UAE's transition and the lessons it offers for future policy-making. It is timely given the increasing global focus on sustainability and the need for economies to diversify away from resource dependency.
Perspectives
This research publication opens up new doors for further studies on sustainable diversification and economic resilience in other resource-rich economies. It can motivate research on the effectiveness of different diversification strategies, the role of policy reforms in promoting sustainable development, and the impact of external factors such as global markets and environmental obligations. Additionally, it can inspire studies on the integration of long-term sustainability goals into economic policies and the potential trade-offs between economic prosperity and sustainability.
Dr. Usman Khalid
United Arab Emirates University
Read the Original
This page is a summary of: From diversification resistance to sustainable diversification: lessons from the UAE's public policy shift, Management & Sustainability An Arab Review, September 2022, Emerald,
DOI: 10.1108/msar-06-2022-0025.
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