The income generated from domestic oil reserves has allowed the United Arab Emirates to invest heavily in public infrastructure and private enterprise, Sheikh Khalifa bin Zayed Al Nahyan, president of emirates has claimed.

Speaking to Arabic business daily Al Roya, the ruler said that the record revenues generated in the first nine months of 2008 allowed the country to invest heavily in furtherance of its ambition of becoming a global economic hub.

Explaining this vision, Mr Al Nahyan said: "These efforts are not limited to economic building, but they include infrastructure, improving services and social development that includes development of human resources through education and training, as well as improving the legislative and regulatory environment."

He added that while UAE recognises the burden of the global economic crisis, its institutions are strong enough to continue to prosper throughout the slump.

The oil and gas industry provides around one third of the UAE's gross national product, making it the dominant contributor to the country's economy.

5th Global Education and Training event for Oil and Gas: Exploration and Production