A focus on human capital was the central premise of UAE's national innovation strategy, Al Mansoori added, saying this was a critical pillar of its vision as a diversified economy.
Moody's expects that this year, the sector will witness growth similar to that of the previous year on the back of governments making an increasing number of insurance products compulsory.
Russia and Iran have suffered due to unstable oil prices, triggered partly by the decision taken last year by Saudi Arabia and regional oil exporters not to cut their output.
The rating agency argues that the removal of subsidies on fuel prices are among the financial reform options available for the GCC region to cope with the repercussions of the low prices.
According to the report by Jadwa Investment, the oil-rich nation's public debt is projected to surge to $70 billion to comprise 10.1 per cent of gross domestic product in 2016.
The cumulative value of real estate sales deals shrank by 13.46 per cent per year, to $5.77 billion in the three quarters of 2015, compared with $6.67bn dollars in the same period of 2014.
The most important deal in terms of monetary value is one worth AED60m in Al Daghaya area, followed by an AED38m sale in Umm Suqeim and an AED31m sale in South Al Barsha.
The country's legal system has been subject to international scrutiny after it allegedly failed many times to address the problems of expats involved in criminal cases.
"The United Nations currently leads the important developments for the reformulation of development goals for the period after 2015," says Ashraf Salman.
The hydrocarbon sector suffered a major plunge of 36.8 per cent during the April-June period as a direct result of the fall in oil prices in international markets, according to new figures.
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