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Uae Economy

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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)...

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