Uae Economy

In: Other Topics

Submitted By kaddas
Words 1512
Pages 7
The United Arab Emirates Uae Economics Essay

In less than four decades, the United Arab Emirates, a relatively young country, changed from a huge desert to a country that is known today as one of the best in the world to live in. The UAE is a federation of seven monarchies: Abu-Dhabi, Dubai, Sharjah, Ajman, Fujairah, Ras AL- Khaimah and Umm al-Qaiwain. The country is located in the Middle East and is part of the Gulf Cooperation Council which is an economic alliance of six countries bordering the Arab Gulf. Its law is based on Sharia but the UAE is one of the most liberalized countries in the GCC: others beliefs and religions are tolerated. The economy is heavily depending on oil wealth despite the government's efforts to diversify the sources of income. The population is mostly comprised of expatriates (88.52% of the total population in 2010 as per the National Bureau of Statistics estimates). Abu Dhabi, which is known as the driving force in economic, political and decision making process, account for about 90 percent of the oil production, and oil contribute 56% of the entire GDP of the emirates. Dubai is actually the main responsible for the remarkable growth witnessed in the majority of the UAE non-oil sector, Dubai serves as the financial hub in the whole middle east, with commerce, transportation, services and tourism as the driven force of the economy. Its GDP has experienced an exponential growth of around 245% from 2000 to 2011. In the UNDP's Human Development Report 2011, the UAE has been ranked 30th with a Human Development Indicator (HDI) of 0.846.

Fact Sheet
United Arab Emirates

Indicator

Value (as of 2011)

Gross Domestic Product

$360.25 Billion

Capital

Abu-Dhabi

Population

7,890,924

Main Language

Arabic

Unemployment

4.20% (national bureau of statistics)

Main Exports

Oil and Gas

Inflation (CPI)…...

Similar Documents

Water in the Uae

...------------------------------------------------- Water in the UAE ------------------------------------------------- Impact Achievements and Ways Forward Introduction Water is the resource that sustains all life on earth and is a key element of sustainable development. It is essential if human beings are to enjoy healthy and safe lives or realize social and economic development. Ecosystems are also inextricably linked with water. Water sustains humans’ health, food production, and economic development. But only 3 percent of Earth’s water is salt-free, or fresh water. Moreover, nearly 70 percent of fresh water is locked in glaciers and icebergs, and is not available for human use. The fresh water that is available comes from rain or from rivers, lakes, springs, and some groundwater reserves, such as aquifers. With the increasing demand on water for all aspects of sustainable development, water is becoming very scares all around the world! * Around 700 million people in 43 countries suffer today from water scarcity. * By 2025, 1.8 billion people will be living in countries or regions with absolute water scarcity, and two-thirds of the world's population could be living under water stressed conditions. * With the existing climate change scenario, almost half the world's population will be living in areas of high water stress by 2030, including between 75 million and 250 million people in Africa. In addition, water scarcity in some arid and semi-arid places...

Words: 3591 - Pages: 15

Talent and Competitiveness in the Uae

...Talent Olympic Potential Opportunity for the UAE An Example More Money, More Problems pg 14 pg 20 pg 28 pg 34 5. Managing Talent 6. Making Decisions 7. Final Remarks Investing in People Better by a Margin Starting the Process pg 48 pg 64 pg 72 3 Aleron Partners FZ-LLC 2012 © 4 Aleron Partners FZ-LLC 2012 © Foreword by Matthew Lewis Much has been written about the Macro and Socioeconomic impact on the UAE and its economy since the global financial crisis – the oil price, the Arab Spring and on-going Middle East instability are all valid factors in this regard. What we have not seen until now is the resultant effect and impact on the often overlooked but most important assets of any business – its people and their productivity. Our research seeks to fill that omission. The period from 2008 to 2012 has seen a cataclysmic shift in the fundamental areas of demand, quality and flexibility of the talent pool in the UAE. High costs of expatriation and the regional pressure of localisation have put more focus on the productivity of people working within shrinking organisations. Many UAE employees, not having previously worked in a constant change environment and under unfamiliar circumstances, are struggling to perform with fewer resources, less direction, less personal development and / or rewards. Foreword By Matthew Lewis, Director – Boyden Global Executive Search, Middle East and North Africa “The UAE has succeeded in rapidly creating an......

Words: 13872 - Pages: 56

Nissan in Uae

...Nissan in UAE 1. UAE and Nissan (patrol) UAE and patrol are closely connected with each other. It is said that 49 percent of large SUV cars in UAE is patrol, and even when financial crisis hit the UAE, patrol kept its popularity and was not influenced very much. 2. Identify the purpose the vision and scope of activities of the firm. “Since its founding, our company has been aiming to enrich society through car making. Our goal is to be a "good corporate citizen," constantly winning the trust and respect of the international community. Continuing in the 21st century, we aim for stable long-term growth, while striving for harmony with people, society and the environment. Under Nissan's Guiding Principles, we practice openness and fairness in our corporate activities, strive for cleaner and safer car making, and work to make the earth a better place to live. We would like to thank everyone for their continuing support.” (“Message from Top Management”, http://www.nissan-almasaoodautomobiles.com/ar/ama_network.php) Also, “For a country that offers a unique off-road experience, Nissan has an impressive line-up of 4 x4s. From the fun machine Nissan patrol, to the affordable Prado, the mighty Nissan and the all new Fortuner, Nissan continues to lead the way.” (“Nissan in UAE”, http://www.nissan-almasaoodautomobiles.com/ar/patrol.html) 3. Identify the capabilities that enable firm to fulfill its purpose. “Nissan Production System”  Jidoka—......

Words: 880 - Pages: 4

Economics of the Uae

...SHARJAH HIGHER COLLEGES OF TECHNOLOGY PROJECT COVER SHEET- (ASSESSMENT 2) [20%] Course Name | ECON N400 | Faculty Name | Angelo Olo | Project Title | Outlook of the UAE Economy | Due Date | Nov. 4, 2012 | Section | | Date Submitted | 3-11-2012 | Student Name | --- | Student ID | --- | This assessment will assess the following Learning outcomes: This assessment will assess the following learning outcomes: * LO 2: Analyze patterns of economic activity in the UAE from an oil-based economy to development of the non-oil sector. * LO 3: Evaluate the role of the non-oil sectors on the UAE economy. Declaration; Individual: * No part of this assignment has been copied from another source, (not from another group or student, an internet source or a book). * When another person’s words are used, this is shown in the text with “…” and referenced. * No part of this assignment has been written for me by any other person. * I have a copy of this assignment that I can produce if the first copy is lost or damaged.Name ………………………………………………… Signature …………………………………………….Declaration; Group: * No part of this assignment has been copied from another source, (not from another group or student, an internet source or a book). * When another person’s words are used, this is shown in the text with “…” and referenced. * No part of this assignment has been written by anyone other than the members of the group named below. * We have a copy of this assignment......

Words: 2063 - Pages: 9

Central Bank of the Uae

...Central bank of ammady The central bank of the UAE’s Main responsibility is to stabilize the country’s financial affairs and to formulate and implement banking credit and monetary policies in order to ensure the economic growth of the National economy of the UAE in a balanced method. The central bank was established after the unity of the Arab Emirates in 1971 and it played a sincere role after the discovery of oil that helped in boosting the economy in a dramatic way. Their first governmental law was established in year 1980 to cover all financial matters that are within the borders of the UAE (http://www.centralbank.ae/en/pdf/Law-10-English.pdf). The central bank has authority and influence on all of the banks located within the borders of the UAE regardless whether they were international banks such as HSBC, Barclays, or whether they were national Such as Emirates NBD, etc. They act as the “ The bank of Banks “ they even enforce laws and regulation to the banking sector such laws can be found in this link http://www.centralbank.ae/pdf/LawNo6-1985-IslaminBanks.pdf and in some cases provide financial aid to the banks depending on the situation to stabilize the economy of the UAE. In addition to its role as “the bank of banks “the central bank also works on maintaining a fixed exchange rate of the local currency against the U.S dollars and also to certify the free convertibility of the local currency into other foreign currencies. However, the central bank also monitors......

Words: 355 - Pages: 2

Economy and Society Uae

... The UAE currently has one of the fastest growing economies in the world The GDP of the UAE ranks 30th in the world (At $360 billion in 2012) Tourism is one of the main sources of revenue in the UAE Although the UAE has become less dependent on natural resources as a source of revenue... petroleum and natural gas exports still play a crucial role in the development of the economy , especially in Abu Dhabi A massive increase in construction around the country, expansion of manufacturing activity and a thriving services sector are helping the UAE to make it's economy more diverse.. OPEC(Organization of Petroleum Exporting Countries) and WTO (World Trade Organization) are the main trade organizations in the UAE with the largest trade partner being India.. Main import partners are: India,China,USA,Germany,Japan Main export partners are: India,Iran,Japan,Thailand,Singapore,South Korea Emiratization : The initiative by the government to employ its citizens in a meaningful and efficient manner in the public and private sectors The UAE is a very cosmopolitan and multicultural society , as a result there is a growing number of foreign-influenced schools, cultural center and restaurants. The primary religion of the UAE is Islam and the language being Arabic.The Emirati people are the native people that dominated the land for centuries. Arab descendants of the Bani Yas clans, Al Nahyan and Al Maktoum royal families in Abu Dhabi and Dubai, respectively, represent the......

Words: 810 - Pages: 4

Uae Economic Outlook

...Economy September 2010 UAE Economic Outlook 2010 UAE Economic Outlook 2010  GDP expected to grow in 2010  Inflation expected to drop to 0.4% in 2010  UAE struggled to post a budget surplus in 2009  Dubai World reaches agreement to restructure its debt  UAE GDP expected to grow by 0.6% in 2010 The global recession, which started in Q4-2008, halted UAE‟s economic growth significantly. After a 7.5% growth in real GDP in 2008, UAE‟s GDP increased by only 1.3% to reach AED515bn in 2009. Despite the global recession, the non-oil GDP grew by 8.4% in 2009. Due to the decrease in oil prices and production, the non-oil sector contributed 71% of the GDP in 2009 compared to 66% during the previous year.  Overall Broad Money supply decreased by 0.3% as of Q2-2010; grew by 5.4% in 2009 The UAE government implemented expansionary monetary and fiscal policies to stimulate aggregate demand in 2009. Due to the effects of the recession on the economy, the UAE government wanted to expand the money supply and encourage growth. Money Supply (M1) and Broad Money (M2) grew by 3.7% and 2.2% respectively, while the overall broad money (M3) decreased by 0.25% as of Q2-2010 due to a decrease in government deposits.  UAE maintained a budget surplus for its fifth consecutive year The budget surplus in recent years was largely credited to high gas and oil profits due to high oil prices. Total government revenue was almost AED293bn for 2009, a decline of 35% from the previous year, while......

Words: 18648 - Pages: 75

Uae Devolopment

...HISTORICAL BACKGROUND Early Years: The United Arab Emirates (UAE) was formed from the group of tribally organized Arabian Peninsula sheikhdoms along the southern coast of the Persian Gulf and the northwestern coast of the Gulf of Oman. This area was converted to Islam in the seventh century and for Library of Congress – Federal Research Division Country Profile: United Arab Emirates, July 2007 centuries afterward was embroiled in dynastic disputes. Most UAE nationals are descended from two tribal groupings, the Qawasim and the Bani Yas, which emerged as leading powers in the eighteenth century. The Qawasim, mainly land and sea traders, dominated what are today the emirates of Ras al Khaymah and Sharjah. The Bani Yas, who were agricultural and pastoral, lived in what are today the emirates of Abu Dhabi and Dubai. From the seventeenth to the nineteenth century, the area became known as the Pirate Coast, as both European and Arab pirates attacked foreign ships. The British mounted expeditions against the pirates during this period, culminating in an 1818 campaign against the pirate headquarters of Ras al Khaymah and other harbors along the coast. This action ostensibly was taken to safeguard British maritime routes, particularly those of the British East India Company, but some historians have noted that the war was in fact motivated by the British desire to establish supremacy in the region against the claims of other European powers. British Rule: In 1820......

Words: 14263 - Pages: 58

Economic in Uae

...In: Business and Management Uae Economic Outlook Economy September 2010 UAE Economic Outlook 2010 UAE Economic Outlook 2010  GDP expected to grow in 2010  Inflation expected to drop to 0.4% in 2010  UAE struggled to post a budget surplus in 2009  Dubai World reaches agreement to restructure its debt  UAE GDP expected to grow by 0.6% in 2010 The global recession, which started in Q4-2008, halted UAE‟s economic growth significantly. After a 7.5% growth in real GDP in 2008, UAE‟s GDP increased by only 1.3% to reach AED515bn in 2009. Despite the global recession, the non-oil GDP grew by 8.4% in 2009. Due to the decrease in oil prices and production, the non-oil sector contributed 71% of the GDP in 2009 compared to 66% during the previous year.  Overall Broad Money supply decreased by 0.3% as of Q2-2010; grew by 5.4% in 2009 The UAE government implemented expansionary monetary and fiscal policies to stimulate aggregate demand in 2009. Due to the effects of the recession on the economy, the UAE government wanted to expand the money supply and encourage growth. Money Supply (M1) and Broad Money (M2) grew by 3.7% and 2.2% respectively, while the overall broad money (M3) decreased by 0.25% as of Q2-2010 due to a decrease in government deposits.  UAE maintained a budget surplus for its fifth consecutive year The budget surplus in recent years was largely credited to high gas and oil profits due to high oil prices. Total government revenue was almost AED293bn......

Words: 358 - Pages: 2

Uae: Economics

...U.A.E: The Success Story The emergence of the UAE as an economic powerhouse is an example of a country going through a tremendous transformation. From a tiny country with a nomadic society to building the most modern city in the world. The city being Dubai of course. Dubai is the crown jewel of the UAE and the arab world as a whole. Now one of the most sought-after tourist destinations and business hubs for citizens of the world, Dubai’s success story has made many other Middle Eastern nations take notice. In a survey done by the Arab Youth organization, young arabs chose the UAE as “the country they would most like to move to… and the country they would most like their country to emulate” (Badam). The UAE was ahead of 20 other countries, including the United States, Germany and Britain, as young people’s top country to live in. What led to the UAE’s astronomical rise? What policies led to the resources from oil revenues being spent in the most efficient fashion in comparison to other nations? These are the questions I will tackle in this paper. The UAE was established in 1971 when the rulers of the seven independent emirates agreed to instill a unifying constitution. The ruler of Abu Dhabi at the time , Zayed bin Sultan Al Nahyan, was chosen to lead the country. Since then, the ruler of Abu Dhabi is President of the United Arab Emirates, the head of state, and the ruler of Dubai is the Prime Minister of the United Arab Emirates, the head of government. This......

Words: 2622 - Pages: 11

Uae Economy

...Hotel Occupancy Rates GNI of UAE over the years | 11 | 5. GNI of UAE over the years | 14 | 6. GNI per capita of UAE over the years | 15 | 7. Unemployment Rate 2006-2012 | 16 | 8. Unemployment and UAE Nationals Participation in the labour market. | 17 | * 9. Inflation in UAE in recent times | 18 | * 10. Average Retail Rents/Region * | 19 | * 11. Current Account Balance of UAE 2004-2014 | 20 | Contents Topic | Pageno. | 1.Introduction | 4 | 2.GDP of UAE | 6 | 3.Factors affecting GDP | 6 | 4.Contribution of different sector | 8 | 5.GDP of UAE in 2013 | 9 | 6.Hydrocarbon Sector | 11 | 7.GNP of UAE | 13 | 8.Unemployment rate in UAE | 16 | 9.Implication of unemployment rate | 17 | 10.Inflation | 18 | 11.BOP | 20 | 12.Fiscal Policy | 21 | 13.Monetary Policy | 21 | 14.Analysis of exchange rate | 22 | 15.Recovery from global Recession | 23 | 16.Conclusion | 24 | INTRODUCTION Thirty years ago the United Arab Emirates was considered as one of the least developed countries of the world. But now an income level has been reached which can be compared to the industrialized nations. The UAE’s economy is the second largest in the Arab World (after Saudi Arabia) with GDP of $377 billion in 2012. The UAE has been trying to diversify its economy and they have been successful as well as 71% of its GDP comes from sectors other than oil sectors. Among all the Middle East Nations UAE’s economy has been the most......

Words: 5738 - Pages: 23

Role of Banks in Uae Economy

...Role of banks in Economy • Life line of an economy (transfers money from surplus to deficit) • Credit provision (Fuels business, growth and Entrepreneurship) • Liquidity provisioning (Credit in times of urgent need) • Remittance of money, access to foreign exchanges and commodity markets • Risk Diversification Banking sector in UAE • Emirates NBD, Dubai Islamic Bank • ADCB, NBAD, ADIB • RAK Bank, FGB, Noor Bank • Standard Chartered, Barclays, Citibank, HSBC Sector Status (Healthy) • Most of the country’s biggest banks have transformed their business models in the past couple of years to get more money from services that command fees, such as asset management, brokerage and trade finance, rather than relying exclusively on interest from loans which have been compressed • Lenders have also largely cleaned up bad loans dating back from the financial crash of 2008, making them more resilient to any shocks. Total Debt/GDP is around 100% - 10% rise y-o-y. • Banks again anticipate a robust quarter. The provisioning cycle is fully behind and sector is expected to keep continued growth in commercial momentum. • In the first quarter of the year Emirates NBD led the sector with earnings ofDh1.67 billion, a 60 per cent year-on-year gain • Arqaam expects that the UAE banks that it rates will have a consolidated earnings growth of 15.9 % in the second quarter. Another agency expects the growth to be......

Words: 968 - Pages: 4

Fdi in Uae

... AUD4325 TABLE OF CONTENT 1. INTRODUCTION 2.1 DEFINATITION 2.2 SMEs IN DUBAI 2. SERVICES PROVIDED BY UAE GOVERNMENT TO SMEs 3. GOVERNMENT INITIATIVES TO PROMOTE SMEs 4. IMPORTANCE OF SMALL AND MEDIUM ENTERPRISES 5. SMEs ROLE IN THE ECONOMY 6. PROBLEMS TO SMEs 7. BARRIERS TO SMEs 8. CONCLUSION 9. REFERENSING INTRODUCTION 1.1 DEFINATION The small and medium sized enterprises (SMEs) have got very few resources, opportunities or turnover which is upto a certain extent. The definations of SMEs are flexible. This is variable from person to person. There are many people who use the word SME for those firms who have less than 500 employees, whereas some use this word for those businesses that have more than 500 workforces. However, some use the word “Big Businesses” for the organizations that have more than 500 employees. If we look at the middle east, it can be easy to see that there are numerous differences in which a regional can be taken into an account. It is also widely understood that the SMEs are the very important part of the economic fabric and they also play a major role in the growth of the economy. In most of the economies the SMEs represents an employment of around 60% to 70% and the GDP of more than 50%. In Abu Dhabi they represent almost 25% of all the private organizations. 1.2 DUBAI SME: Founded In 2002, the department...

Words: 3083 - Pages: 13

Nuclear Energy in the Uae

...Nuclear Energy in the UAE The United Arab Emirates’ annual economic growth is three times the world average. It is also expected that the energy requirements in the UAE are to more than double by 2020 (Nuclear Power in the United Arab Emirates, 2015). Subsequently, maintaining a constant seamless energy flow is key to maintaining the thriving economic growth of the UAE, even increasing it. In relation, the eventual limitedness and diminishing of petroleum in the Gulf region over the next half century squeezes the issue further more and turns it into a national concern; predominately with the possible repercussions on the UAE’s prosperous economy. Looking forward, the UAE government is embarking upon a nuclear program to build four nuclear reactors at Barakah near the capital Abu Dhabi by 2020, declaring nuclear energy to be the most practical solution to the rapidly growing energy requirements in the UAE. Critics of this plan deem it to be expensive, extremely risky, and an unwise move given the UAE’s geographical position in the middle of an area sparked by political tension due to nuclear issues in Iran and terrorist organizations in the Levant and Yemen. Despite the aforementioned criticism, nuclear energy is unequivocally the most efficient solution to address the rapidly growing energy requirements in the UAE, a capable long-term replacement for oil, and a potential imperative factor in mitigating CO2 emissions in the UAE, consequently preserving the environment and......

Words: 1835 - Pages: 8

Uae Society

... 1. When the UAE was formally established? 2 December 1971 2. Describe the boundaries and location of the UAE. The United Arab Emirates is located in the southeast end of the Arabian Peninsula on the Arabian Gulf. . 3. Name the constituent emirates of the UAE. Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Qaiwain, Ras al-Khaimah and Fujairah 4. Describe the physical features and the climate of the UAE. Physical Features: Although four-fifths of its land area is arid desert, the UAE is a country of contrasting landscapes Climate: The climate of the UAE is unfortunately hot and humid 5. What is the official language and religion of the UAE? The language is Arabic and the religion is Islam Unit 2 Historical Background Answer the following questions. 1. When were the first inhabitants in the UAE recorded? 5,500 BC or 7,500 years ago 2. Briefly identify the role of late Sheikh Zayed in the formation of the UAE. An agreement was reached between the rulers of six of the emirates (Abu Dhabi, Dubai, Sharjah, Fujairah, Umm al-Qaiwain and Ajman) and the federation to be known as the United Arab Emirates (UAE) was formally established on 2 December 1971 with Sheikh Zayed as its President. The seventh emirate, Ra‟s al-Khaimah, formally acceded to the new federation on 10 February 1972. 3. Classify the categories of population in the UAE. The UAE society is......

Words: 3124 - Pages: 13