The United Arab Emirates ( Uae )

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Economics ISU Country: UAE (The United Arab Emirates) GDP and Fiscal Policies The United Arab Emirates (UAE) is arranged in the Eastern region in the Arabian Peninsula, bordering Oman and Saudi Arabia. An emirate is a region led by an emir. An emir is an Arab commander of Islamic faith. The President of the UAE is His Greatness Sheik Khalifa bin Zayed Al-Nahyan while His Highness Sheik Mohammed Rashid Al-Maktoum, is the Prime Minister of UAE and Ruler of Dubai. The rule of law is relatively well maintained, but the judiciary is not independent, and court rulings are subject to opinions of the political leaders. On December 2, 1971, the UAE turned into an organization of six states. The capital city is Abu Dhabi, spotted in the biggest…show more content…
To begin with, economic growth is defined as an increase in the economy’s total production of goods and services that can result from the discovery of new natural resources, an increase in skilled labor force, technology innovation and more efficient production processes. The UAE controls 10 percent of the world 's proven oil reserves. The UAE has invested in its natural resources and its strategic location to become one of the most modern and wealthiest states in the world. It uses both large petroleum and non-petroleum sectors such as its hotels and resorts, aquariums and museums. However, in 2009 GDP growth for was -2.7% according to ciafactbook, a decrease from 9.8% in 2008 to 7.4% which was mainly due to falling prices in oil and collapsing real estate investments. Using its financial and institutional resources to solve these problems it has become more stable with the process of diversification under way, driven by strong growth in the number of non-oil sectors, most importantly tourism, foreign trade, financial services, and communications, not to mention the recovery witnessed by the real estate sector. In 2012, manufacturing activity accounted for 42% of output growth, transport/communication for 23%, and trade for 16.5% and restaurants/hotels for 15.5% while construction and agriculture contracted. In fact, all the non-oil economic sectors reported strong growth rates which positively
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