Gulf News cited Mr Farouq Iqbal director of the Strategic Cooperation Department in the Middle East and North Africa region of the World Bank as saying that countries which are rich in oil, petroleum and other commodities should prudently manage these natural resources.

The Dubai Economic Council launched the World Bank book 'Natural Resource Abundance, Growth and Diversification in the Middle East and North Africa which is a product of the Poverty Reduction and Economic Management Department in the Middle East and North Africa region of the World Bank.

According to the book, the Mena region produces around a third of the world's petroleum and four Mena countries are among the world's 10 largest producers. Governments in the region also control over half of the global oil reserves, making natural resources critical for the economies of these countries.

Mr Iqbal said that Mena region countries should reduce their dependence on natural resources and encourage greater economic diversification. Moreover he said that sufficient management of resources could lead to sustainable development and boost other business sectors.

Mr Hani Al Hamli secretary general of the Dubai Economic Council said that "The issue of sustainable natural resources in many countries across the Mena is one of the constant hot topics on the tables of discussion and research. The UAE government is putting more efforts and encouraging its private sector to diversify and reduce its dependence on oil."