Diversification Is the Name of the Game

Overdependence on a single industry, even one that isn't inherently unsustainable, causes lots of economic instability. Single industry economies become dependent on commodity prices and their prosperity ends up being determined by how much they can sell a barrel of oil for. So diversification is the name of the game and there are two ways to achieve this. Increase capital or increase labour productivity. Of all the countries in the world Norway is the single best example of using natural resource wealth well. But what worked in Norway would not work in the UAE.