WRITE THE PARAGRAPH ON ECONOMIC DEVELOPMENT OF UAE
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Diversification Creates Trade Opportunities
The UAE launched a diversification and liberalization program to reduce reliance on oil and transform its economy from a conventional, labor-intensive economy to one based on knowledge, technology and skilled labor.
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UAE is the second largest economy in the Arab gulf and it is consistently ranked among the fastest growing economies of the world. During the past 40 years GDP of UAE has grown tremendously from $6.5 billion in 1971 to a massive total of $1248 billion in 2011.
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