"The development of human capital is the global currency of 21st century economies and the only way to achieve sustainable development and promote the UAE's journey towards further progress and prosperity" His Highness Shaikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai said on the second and concluding day of the UAE Cabinet Retreat to discuss the post-oil phase in Dubai on Sunday.

"We in the UAE have the expertise and the resources the will and the determination and most importantly the vision and the wise leadership to ensure our economy is sustainable. The UAE is ready and has been always pioneering; it has the innovative solutions and creative ideas to address challenges. Our goal is leading by example and conveying a historic image of the UAE's achievements to the world" he added.

At the end of the cabinet retreat Shaikh Mohammed bin Rashid gave directives to launch the UAE post-oil strategy in the coming weeks.

The strategy will include ideas and initiatives discussed in the retreat. It will work to strengthen the competitiveness of the current economic sectors as well as gradually introduce new sectors which will achieve a quantum leap in the UAE's economy boost competitiveness and ensure its sustainability in accordance with the highest international standards.

His Highness Shaikh Mohammed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces who was also part of the cabinet retreat said: "We strive to make the UAE a model of a nation succeeded to transform its economy from depending on natural resources to depend on skills and its human capital and they are our bet for a prosperous future."

"The post-oil transformation is a turning point in our history as UAE nationals. The success in making this transformation is our only option and it will be realised. The vision of the UAE President will be always the first reason to pursue excellence and success."

Sheikh Mohamed bin Zayed also added: "We will continue shaping the future and plan for it. We will launch effective national initiatives and adopt unconventional methods to realize a comprehensive development process towards more achievement and ensure a leading position of the UAE globally. We want a scientifically advanced UAE we aim to have an Emirati robust economy depending on advanced industries and scientific research and we want Emirati innovations that change the lives of our future generations"

On its second day the Cabinet retreat was interactive and witnessed a lot of discussions and proposed solutions.

The results of the first day of the retreat were presented in four pillars where Lt. General Shaikh Saif bin Zayed Al Nahyan Deputy Prime Minister and Minister of the Interior headed a working group on human capital that aims to develop attract and retain talents while Shaikh Mansour bin Zayed Al Nahyan Deputy Prime Minister and Minister of Presidential Affairs chaired a working group on the economy pillar to discuss building a robust knowledge economy based on technology and innovation.

Shaikh Hamdan bin Rashid Al Maktoum Minister of Finance chaired a working group on the government policies pillar that aims to ensure government financial sustainability and utilise government resources to contribute to the UAE's post-oil economy.

Another working group on community was chaired by Shaikh Abdullah bin Zayed Al Nahyan Minister of Foreign Affairs to discuss ways of ensuring the sustainability of social welfare for Emirati families and diversify sources of income.