His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday announced an upcoming ministerial retreat to look at ways to move the UAE’s economy beyond oil. Posting on his Twitter account, Shaikh Mohammad said that the UAE’s national economy does not now depend on oil, with 70% of GDP coming from non-oil sectors, and that the government will look towards building an economy that is not affected by market fluctuations. He said the country would add new economic sectors, enhance and develop the existing ones, and create “generations that will be able to lead a balanced and sustainable national economy”. “We will start drawing up comprehensive national plans to create a sustainable economy that ensures the happiness of next generations,” he tweeted. He also quoted His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who spoke of celebrating the country’s last barrel of oil. (Gulf News)