THE UNITED ARAB EMIRATES

Background and Economy

UAE is a rapidly diversifying society that has successfully integrated its core Islamic values into its ambitious economic agenda. Since the discovery of oil in the UAE more than 30 years ago, 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 UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, nearly 40% of GDP is still directly based on oil and gas output. Diversified economy relies on international banking, financial services, regional corporate headquarters, and tourism.
The country’s extraordinary GDP growth has been driven primarily by the galloping oil prices in the international market, as well as the increasing traction of public joint stock companies and investments in the country’s growing number of free zones.

The UAE is a commercial and business hub of the Arabian world and can be counted as the third major re-export centre in the world after Singapore and Hong Kong. Dubai enjoys a strategic location and serves as the biggest re-exporting centre in the Middle East.

The UAE is politically-stable country and the long term economic outlook for the UAE is positive. Abu Dhabi’s oil and gas driven wealth underpins economic development throughout the UAE.

UAE 'easiest country to trade within the region

According to The World Bank's report “Doing Business in the Arab World 2009”, The United Arab Emirates was ranked as the easiest country to do trade with in the Middle East. The report, which assessed a total of 181 countries ranked the UAE at 14 globally.

"Economies that have efficient customs, good transport networks and fewer document requirements, making compliance with export and import procedures faster and cheaper, are more competitive globally," the report said.

Standard of living

As well as being a liberal trading centre, the UAE provides a high standard of living for expatriates. Expatriates from around the world make up around 82 % of the population with a considerable number coming from the UK (less than 20 % of the population of the UAE is Emarati). The lifestyle offered in the UAE, and in Dubai in particular, makes it the city of choice for many first entrants to the Middle East market, and also a popular choice for regional headquarters.

The strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

The United Arab Emirates is made up of seven sheikhdoms

Abu Dhabi
Dubai
Fujeirah
Ras Al Khaimah
Ajman
Umm Al Quwain
Sharjah

Total population: about 5.6 million.

The federal capital of the UAE is in Abu Dhabi that controls most of the UAE’s oil and gas reserves.