What was a significant aim of the diversification efforts in the UAE from the 1990s to 2000s?

The significant aim of the diversification efforts in the UAE from the 1990s to 2000s was the reduction of oil dependency. The UAE recognized the vulnerabilities associated with being heavily reliant on oil revenues, especially in a region where oil prices could be volatile. Therefore, the government initiated policies and strategies to diversify the economy, fostering growth in various sectors such as tourism, trade, finance, and renewable energy. This shift not only aimed to stabilize the economy but also to ensure sustainable growth moving forward, securing the nation's economic future beyond oil. This strategic approach helped to create a more resilient economy, capable of withstanding global economic fluctuations.