The latest edition of the World Wealth Report shows that the GDP of the UAE grew by 6.7% in 2005 compared with 7.4% in the previous year. According to Al-Khaleej newspaper, Mones Bazzy, Market Director for Middle East Onshore of Merrill Lynch's Global Private Client Group, said that economic diversification plans are underway in the UAE in order to hedge against dependence on the oil industry. The UAE is developing the tourism, media, shipping, financial and commercial services sectors, as well as expanding its manufacturing and industrial base," it said.
