The contribution of oil to the UAE’s GDP, which has been falling and currently stands at 30%, will fall to 20% by 2021, and is likely to fall to 0% in the next 50 years, the country’s Minister of Economy Sultan Bin Saeed Al Mansouri told delegates at the sixth edition of the Annual Investment Meeting on Monday. “Our strategy at present is focused on building a knowledge-based economy powered by various sectors such as industrial transport, space, renewable energy and information technology,” Al Mansouri said. The UAE aims to increase its contribution of foreign direct investment (FDI) to 5% of the country’s GDP over the next five years. The country was the second largest recipient in the West Asia region. (Gulf News)