Essay on The UAE; Economic Diversification

Dubai is second in size at 4,114 square kilometers after the much larger Emirate known as Abu Dhabi, which takes up most of the land in the UAE. Dubai may have been founded in 1833, but the UAE had not been officially formed until 1971. People in Iraq figured out something that would allow Dubai to flourish economically. The people figured out that Dubai used to be a promising trade location roughly 3000 years ago. Following this discovery by the Iraqis, Dubai quickly began participating in the trade market on their port right off the Persian Gulf, which is a prominent source of oil. So Dubai went straight to it and never looked back. So therefor Dubai's economy over the years has been extremely wealthy. The economy has been at this higher economic status because of one major reason trading oil. Dubai benefited trading oil because they got more money and more control of the world's

Saudi Arabia has made tremendous milestones in claiming its deserved position as a renowned world economy. In its bid to take its place among the club of the world’s largest economies, Saudi Arabia has had to make numerous economic development activities since the 1970s. First and foremost was the elevation of the oil mining status to the largest oil reserves or mining countries of the world. Huge amounts of revenue from the sale of oil boosted the establishment of various projects that the country had much desired. The Oil reserves became the countries single largest source of revenue that would drive the country from the underdeveloped sphere to the doorstep of the wealthiest nations. The government of Saudi Arabia has set the development of the country’s economy since the 1970s to conform to a predetermined five-year plans starting with the year 1970-1975 (Al Mallakh & el Mallakh, 2015). These are set as a focus on the long-term goals of the economy set out as achievable goals within a five-year implementation process.This has led to massive economic developments of the country throughout the ages; some of the milestones that the country has made economically are as discussed.

Persian Gulf Development Literature Oil Curse Literature Arab and Islamic Factors Regional Ovemiew and Historical Background Dubai's Development History

Dubai with all it's wealth is not wealthy because of their technological knowledge and inventions causing their advancements wealth wise, but only because other races of people from outside their country came in discovered their oil, established oil drilling and oil refineries that later the leaders of Dubai nationalized and took over the oil operation from the outsiders keeping the preponderance of the profits from the sale of oil for themselves and their people. If it wasn't for the oil they would be just another group of poor none white people.

The main cause for a decrease in trade, a hike in prices for imported goods like rice and pulses (due to shortages) and for Dubai increasing air transport availability to other countries like Texas is due to the Great Recession that hit the world in 2008. Although Dubai wasn’t part of the crisis directly, we were affected by the repercussions of the international economic system as U.A.E plays an active and influential role in international economic relations.

In 1997 the sales of natural gas surged in 1997 as one of Qatar’s North Field came on line (Beard, p. 18). This specific event contributed to a total GDP of approximately 30% (Beard, p. 18). Further development in 04’ can be directly attributed to transportation, storage, hotels, bank and finance and government. Again, Qatar’s reinvestment in their community enables them to function and thrive even with any imbalances in the gas and oil industry that many other countries base their entire GDP to. Further growth was seen through Qatar’s history though. Specifically, in 2008, Qatar’s capital was believed to have peaked. Further contributing factors are the positive traits that coincided not only with the factors that enabled them to grow not only in the hydrocarbon sector nonetheless the non-hydrocarbon sector as well. The labor growth within Qatar has indefinitely increase. Specifically, many workers have migrated from one sector of growth to the other. The IMF stated that, “Qatar’s population rose from approximately 650 000 in 2001 to 1.9 million in 2013. The employment-to-population ratio rose from 48 percent in 2001 to 68 percent in 2007 and more than 85 percent in 2013. As a result, growth in GDP per worker has been slower than growth in GDP per population (Table 1). This is illustrated in the case of the non-hydrocarbon sector, which appears to be growing fast in per-capita terms but not in per-worker terms” (Beard, p. 20). However, with this population increase occurring, production by these workers lacked. IMF found that this production was in decline from 01’ through 09’, but then elevated in 12’ with a slight decline yet again in 2013. This may only be explained by the shift of labor to the construction sector of the

I have to admit that we are very blessed with so many beautiful and breathe taking cities in the world. Dubai is just one of the many countries which has advanced from their humble beginnings and today are multi million tourist. Dubai is another city which has moved from having not as much as other countries once did such as money and a stable economy, to one of the richest cities in the world. In 1966 oil was discovered in Dubai and was a catalyst for Dubai’s economic growth. From a country that had come from not having a stable economy and not a lot of money, it has become like I said earlier, one of the richest cities in the

Most countries affected by the civil wars have been cut off from any regional connections therefore they weren’t able to attract many of their regular customers. The UAE has taken that to their advantage by reeling in the customers who would normally shop in Egypt, Syria, Tunisia, Libya and Yemen and give them the opportunity to shop in places in the UAE instead of in a dangerous country. This has led to a 10% rise in spending by shoppers affected by the Arab Spring. The United Arab Emirates is known as a modern country with a stable government system that the public seems to respect. Governments from different countries such as Syria have shut down Internet and power connections to avoid the world to see the troublesome county. Because of these barricades, countries such as the United States and England have been keeping a close eye, especially since they cannot export and import products between countries. Perhaps the Middle East would’ve been better off without the Arab Spring.

The United Arab Emirates is one of the most important tourist destinations in the region. The Arab spring had a very minor effect on the country’s tourism as it did not have a revolution but tourists in countries such as the Americas and Eastern Asia and some European countries were still slightly worried to visit any Arab country as it could be hit by the domino effect of the Arab Spring. UAE is not a neighboring country of any of the countries that had revolutions but it is in the same region.

The economy in the United Arab Emirates has experienced substantial increases in the last 40 years. The UAE’s capabilities with the pearling and oil industries have given the region its necessary budgets to expand so rapidly. The economic policies in the UAE have gone through stages, since the birth of the region in 1971. Changes in economic welfare of the markets, and privatization policies are also key aspects in understanding the UAE’s economic liberalization and growth. In order to understand the UAE’s economic standard, economic liberalization must be analyzed. The argument of this paper will discuss how economic liberalization has occurred in the United Arab Emirates and is continuing to grow.

The UAE is one of the riches nations in the world as measure by per capita GNP. The economy is primarily based on the oil

The UAE 's economy is the most diversified in the Gulf and the wider region. There’s no income tax. The gross domestic product is 67,616 dollars US per capita. The country oil and gas reserves are among the richest in the world. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to twenty five percent with a plan to push it to zero within next fifty years (Renewable Energy Prospects: United Arab Emirates p. 30). Low prices of oil have prompted the UAE to take steps to reduce its spending on country wide social programs, including eliminating fuel subsidies in August 2015. The IMF recently praised the vision and fiscal policies adopted by the country that

Social factors do have a profound influence in the industry and the market. Industries have to evolve with the change in living standards and income level of the consumers. As per the World Bank specification, UAE is classified as a ‘High income and Mid-sized populated ' country. The local market has not grown to the required level compared to the other high income group economies, which attracts a substantial percent of expatriates to invest in the local market. High Standards of

The United Arab Emirates is a Middle Eastern country full of history and culture that is modernizing and revamping its healthcare system to better serve the needs of the people. Depending on where one plans to visit, it is important to observe the cultural and social norms of the population.

The job marketplace in Dubai is one unlike anywhere in the world. This is due to a number of reasons that generally stem from two factors, the readily available supply of cheap labour, and a rapidly developing economy (Dubai, 2009). Whilst most people might believe that Dubai’s economy is largely dependent on oil, many don’t realise that oil currently only comprises approximately 10% of the emirates economy. In the last fifteen years Dubai has made significant investments around the world and has funded a huge number of projects within the emirate it’s self, pushing towards creating Dubai the ultimate tourist destination (Current economy, 2009). Accompanied by the readily available cheap