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Encyclopedia > Economy of the United Arab Emirates

Contents

Overview

The United Arab Emirates has a highly industrialized economy that makes the country one the most developed in the world, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI. The UN Human Development Index (HDI) measures poverty, literacy, education, life expectancy, and other factors. ...


At $168 billion in 2006, the GDP of the UAE ranks second in the CCASG (after Saudi Arabia), third in the Middle East—North Africa (MENA) region (after Saudi Arabia and Iran), and 38th in the world (ahead of Malaysia). 1 It has been suggested that Arab states of the Persian Gulf be merged into this article or section. ... It is alleged that in Roman mythology, Mena was the goddess of menstruation. ...


There are various deviating estimates regarding the actual growth rate of the nation’s GDP, however all available statistics indicate that the UAE currently has one of the fastest growing economies in the world. According to a recent report by the Ministry of Finance and Industry, real GDP rose by 35 per cent in 2006 to $175 billion, compared with $130 billion in 2005. These figures would suggest that the UAE had the fastest growing real GDP in the world, between 2005 and 2006. 2 In economics, the gross domestic product (GDP) is a measure of the amount of the economic production of a particular territory in financial capital terms during a specific time period. ...


Although the United Arab Emirates is becoming less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. 3 Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Natural gas is a gaseous fossil fuel consisting primarily of methane but including significant quantities of ethane, butane, propane, carbon dioxide, nitrogen, helium and hydrogen sulfide. ... Abu Dhabi or Abu Zaby (Arabic language: أبوظبي) is the largest of the seven emirates that comprise the United Arab Emirates and was also the largest of the former Trucial States. ... This article or section does not cite any references or sources. ...


Brief History

Prior to the first exports of oil in 1962, the United Arab Emirates economy was dominated by pearl production, fishing, agriculture, and herding. Since the rise of oil prices in 1973, however, petroleum has dominated the economy, accounting for most of its export earnings and providing significant opportunities for investment. The UAE has huge proven oil reserves, estimated at 98.2 billion barrels (16 km³) in 1998, with gas reserves estimated at 5.8 km³. At present production rates, these supplies would last well over 150 years. Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... 1962 (MCMLXII) was a common year starting on Monday (the link is to a full 1962 calendar). ... Strand of akoya pearls from China Pearl farm, Seram, Indonesia A pearl is a hard, rounded object produced by certain animals, primarily mollusks such as pearl oysters. ... Year 1973 (MCMLXXIII) was a common year starting on Monday (link will display full calendar) of the 1973 Gregorian calendar. ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ...


Macro-economic trend

This is a chart of trend of gross domestic product of United Arab Emirates at market prices estimated by the International Monetary Fund with figures in millions of Dirhams.

Year GDP (millions of AED) US Dollar Exchange Inflation Index (2000=100)
1980 109,833 3.70 Dirhams 85
1985 100,400 3.67 Dirhams 57
1990 123,541 3.67 Dirhams 69
1995 157,144 3.67 Dirhams 89
2000 259,247 3.67 Dirhams 100
2005 491,265 3.67 Dirhams 121
2006 642,000 3.67 Dirhams ---

For purchasing power parity comparisons, the US Dollar is exchanged at 4.41 Dirhams only.


In 2003, the UAE produced about 2.3 million barrels (370,000 m³) of oil per day--of which Abu Dhabi produced approximately 85%--with Dubai, and Sharjah to a much lesser extent, producing the rest. Indeed, estimates say that Dubai has less than 10 years of oil left at current production levels and Sharjah has less. Sharjah however, does have some gas reserves remaining. Dubai's small remaining gas reserves are earmarked for use by Dubai, which is one of the largest aluminium smelters in the world, with a very low cost per tonne of production, thanks in part to its energy needs being met by these gas reserves. 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Abu Dhabi or Abu Zaby (Arabic language: أبوظبي) is the largest of the seven emirates that comprise the United Arab Emirates and was also the largest of the former Trucial States. ... Coordinates: Emirate Dubai Government  - Sheikh Mohammed bin Rashid Al Maktoum Area [1]  - Metro 4,114 km² (1,588. ... Sharjah Central Souq - Shopping Mall The flag of Sharjah The Emirate of Sharjah (Arabic: الشارقة ash-shaariqah) extends along approximately 16 kilometres of the United Arab Emiratess Persian Gulf coastline and for more than 80 kilometres into the interior. ...


Major increases in imports occurred in manufactured goods, machinery, and transportation equipment, which together accounted for 70% of total imports. Another important foreign exchange earner, the Abu Dhabi Investment Authority--which controls the investments of Abu Dhabi, the wealthiest emirate--manages an estimated $360 billion in overseas investments. The Abu Dhabi Investment Authority (ADIA) is one of the biggest government investment vehicles in the world. ... One thousand million (1,000,000,000) is the natural number following 999,999,999 and preceding 1,000,000,001. ...


More than 200 factories operate at the Jebel Ali complex in Dubai, which includes a deep-water port and a free trade zone for manufacturing and distribution in which all goods for re-export or transhipment enjoy a 100% duty exemption. A major power plant with associated water desalination units, an aluminium smelter, and a steel fabrication unit are prominent facilities in the complex. The complex is currently undergoing expansion, with sections of land set aside for different sectors of industry. A large international passenger and cargo airport, with associated logistics, manufacturing and hospitality industries, is also planned here. Jebel Ali (جبل علي in Arabic) (also sometime written Mina Jabal Ali) is a port (Mina in Arabic) town, located thirty-five kilometres southwest of the city of Dubai in the United Arab Emirates. ... Transshipment is the shipment of goods to an intermediate destination, and then from there to yet another destination. ...


Except in the free trade zone, the UAE requires at least 51% local citizen ownership in all businesses operating in the country as part of its attempt to place Emiratis into leadership positions. However, this law is under review and the majority ownership clause will very likely be scrapped, to bring the country into line with World Trade Organisation regulations.


As a member of the Gulf Cooperation Council (GCC), the UAE participates in the wide range of GCC activities that focus on economic issues. These include regular consultations and development of common policies covering trade, investment, banking and finance, transportation, telecommunications, and other technical areas, including protection of intellectual property rights. ...


Recently, the Emirate of Dubai has started to look for other sources of revenue. High-class tourism and international finance are the new sectors starting to be developed. In line with this, the Dubai International Financial Centre was announced, offering 100% foreign ownership, no tax, freehold land and office space and a tailor-made financial regulatory system with laws taken from best practice in other leading financial centres like New York, London, Zürich and Singapore. A new stock market for regional companies and other initiatives were announced in DIFC. Dubai has also developed Internet and Media free zones, offering 100% foreign ownership, no tax office space for the worlds leading ICT and media companies, with the latest communications infrastructure to service them. Many of the world's leading companies have now set up shop there. Recent liberalisation in the property market allowing non citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments such as the 2 palm islands, the World, Dubai Marina, Jumeirah Lake Towers, and a number of other developments, offering villas and high rise apartments and office space. Coordinates: Emirate Dubai Government  - Sheikh Mohammed bin Rashid Al Maktoum Area [1]  - Metro 4,114 km² (1,588. ...


In 2001, budgeted government revenues were about AED 29.7 billion, and expenditures were about AED 22.9 billion. 2001 is a common year starting on Monday of the Gregorian calendar, and also: The International Year of the Volunteer The United Nations Year of Dialogue Among Civilizations Events January January 1 - A black monolith measuring approximately nine feet tall appears in Seattles Magnuson Park, placed by an anonymous... ISO 4217 Code AED User(s) United Arab Emirates Inflation 4. ...


Additional Information

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, about 30% of GDP is still directly based on oil and gas output, and the fortunes of the economy fluctuate with the prices of those commodities. Since the discovery of oil in 1962, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up its utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement (TIFA) with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement (FTA) with the US. Higher oil revenue, strong liquidity, and cheap credit in 2005-06 led to a surge in asset prices (shares and real estate) and consumer inflation. Rising prices are increasing the operating costs for businesses in the UAE and degrading the UAE's allure to foreign investors. Dependence on a large expatriate workforce and oil are significant long-term challenges to the UAE's economy.


Expatriates from India and Pakistan perform a significant role in the local economy. However, to control illegal immigration into the country, on November 9, 2002, the UAE immigration ministry announced that all Indians visiting the country must have a return ticket. November 9 is the 313th day of the year (314th in leap years) in the Gregorian calendar. ... For album titles with the same name, see 2002 (album). ...


GDP: purchasing power parity $129.4 billion (2006 est.)[1]


GDP - real growth rate: 10.2% (2006 est.)[2]


GDP - per capita: purchasing power parity $49,700 (2006 est.)[3]


GDP - composition by sector:
agriculture: 2.3%
industry: 61.9%
services: 35.8% (2006 est.) Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...


Population below poverty line: NA% Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ...


Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA% Household income may refer to one of the following articles: Median household income Household income in the United States This is a disambiguation page: a list of articles associated with the same title. ...


Inflation rate (consumer prices): 10% (2006 est.) In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). ...


Labour force: 2.968 million (2006 est.) In economics the labor force is the group of people who have a potential for being employed. ...


Labour force - by occupation: services 78%, industry 15%, agriculture 7% (2000 est.)


Unemployment rate: 2.4% (2001) Note: unemployment among non citizens is practically non existent, while unemployment among Emaratis is reportedly as high as 15% This article or section does not cite any references or sources. ...


Budget:
revenues: $60.3 billion
expenditures: $35.2 billion; including capital expenditures of $5.9 billion (2006 est.)


Public Debt: 9% of GDP (2006 est.)


Industries: petroleum, fishing, petrochemicals, construction materials, some boat building, handicrafts, pearling Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering. ... A petrochemical is any chemical derived from fossil fuel. ... Cranes are essential in large construction projects, such as this skyscraper In project architecture and civil engineering, construction is the building or assembly of any infrastructure on a site. ... Traditional boat building in South East Maluku, Indonesia. ... Handicraft, also known as craftwork or simply craft, is a type of work where useful and decorative devices are made completely by hand or using only simple tools. ... Pearling refers to the practice of permanently inserting small beads made of various materials beneath the skin of the shaft of the penis. ...


Industrial production growth rate: 4% (2000)


Electricity - production: 49.52 billion kWh (2004)


Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998) This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling. ... Look up hydro, hydro-, hydr- in Wiktionary, the free dictionary. ... The word nuclear means of or belonging to the nucleus of something. ...


Electricity - consumption: 46.05 billion kWh (2004) Lightning strikes during a night-time thunderstorm. ...


Electricity - exports: 0 kWh (1998)


Electricity - imports: 0 kWh (1998)


Agriculture - products: dates, vegetables, watermelons; poultry, eggs, dairy products; fish The term date can refer to: A day according to a calendar; see calendar date. ... Vegetables on a market Vegetable is a nutritional and culinary term denoting any part of a plant that is commonly consumed by humans as food, but is not regarded as a culinary fruit, nut, herb, spice, or grain. ... Watermelon (Citrullus vulgaris; Family Cucurbitaceae) is the fruit and plant of a vine-like (climber and trailer) herb originally from southern Africa. ... This article or section does not cite its references or sources. ... An egg is a body consisting of an ovum surrounded by layers of membranes and an outer casing of some type, which acts to nourish and protect a developing embryo. ... Dairy products are generally defined as foodstuffs produced from milk. ... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are typically cold-blooded; covered with scales, and equipped with two sets of paired fins and several unpaired fins. ...


Exports: $137.1 billion f.o.b. (2006 est.)


Exports - commodities: crude oil 45%, natural gas, reexports, dried fish, dates Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... Natural gas is a gaseous fossil fuel consisting primarily of methane but including significant quantities of ethane, butane, propane, carbon dioxide, nitrogen, helium and hydrogen sulfide. ... Stockfish is unsalted fish dried naturally by sun and wind on wooden racks called hjell, or in special drying houses. ...


Exports - partners: Japan 24.5%, South Korea 9.8%, Thailand 5.6%, India 4.3% (2005 est.)


Imports: $88.89 billion f.o.b. (2006 est.)


Imports - commodities: machinery and transport equipment, chemicals, food


Imports - partners: China 10.9%, Japan 7.9%, Germany 7.8%, US 7.6%, France 7.5%, UK 6.5%, Italy 4.8%, India 4.4% (2003 est.)


Debt - external: $39.1 billion (2006 est.)


Economic aid - Donor: since its founding in 1971, the Abu Dhabi Fund for Development has given about $5.2 billion in aid to 56 countries (2004)


Currency: 1 United Arab Emirates dirham = 100 fils ISO 4217 Code AED User(s) United Arab Emirates Inflation 4. ...


Exchange rates: Emirati dirhams per US dollar - 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003), 3.6725 (2002)


Fiscal year: calendar year


See also

United Arab Emirates


 
 

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