Sultan bin Saeed Al Mansouri, Minister of Economy, said the UAE's economy has not been affected by falling oil prices. The UAE is, in fact, focusing on energy efficiency management, he said.
He was speaking on the sidelines of the third session of the Federal National Council meeting in Abu Dhabi on Tuesday.
Al Mansouri said the UAE economy is strong and its reliance on oil is reducing with every passing year. He said the UAE's infrastructure projects are unlikely to be affected by the ongoing decline in oil prices.
Al Mansouri stressed the UAE is continuing its strategy of economic diversification and will work to strengthen other sectors, especially industry and services, to offset any future declines in oil prices.
The minister said the UAE government is going ahead with the implementation of projects in vital areas such as health, social development, education, public safety and economic affairs, environmental protection, culture and infrastructure in line with the UAE Vision 2021.
He said the 2016 budget reflects the limited impact of the drop in world oil prices on federal government directions and its plans for the future.
