The United Arab Emirates (UAE) President Sheikh Khalifa Bin Zayed Al-Nahyan issued on Tuesday a 10-point plan to upgrade the oil state's economy.

The plan includes investing to improving housing standards and healthcare facilities, strengthening national pride, improving education and promoting social responsibility, the UAE state news agency WAM reported.

Earlier in September, the UAE Minister of Economy and Foreign Trade Sultan Al-Mansouri said the share of oil in the country's economy will shrink from 29 to 19 percent within 10 years.

The UAE, founded in 1971, consists of seven emirates of which the capital Abu Dhabi is the biggest. Eighty percent of the nine million residents in the UAE are foreigners.

A major oil supplier, the UAE will observe its 44th National Day on Wednesday. Endit

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