The United Arab Emirates ( Uae )

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The United Arab Emirates (UAE) was established 45 years ago, in 1971. However, that short lineage is deeply rooted in culture and affluence. UAE consists of seven states known as Trucial states. These Trucial states also known as Emirates are, Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah Umm al - Qaiwain, and Ras al – Khaimah. Their vast growth and substantial success have made them one of the most economically thriving countries in the world. UAE has developed immensely since its birth, especially in the last 20 years. The territory of UAE is extremely rich in oil and natural gases, which are their main exports. Many different ethnicities make up the country’s population, so much so that Emirati citizens have become the minority…show more content…
The main imports consist of machinery, food, chemicals, and transport equipment. Trade industry in UAE is also a great part of their economy as well. Foreign companies are permitted to manufacture and export goods in UAE without the burden of taxes or high cost of production. International businesses are guaranteed complete 100% ownership of the companies in UAE. Financial institutions such as banks can operate in a tax free status with little to no limitations on the import and export of currency or goods. The Official legal tender used in UAE is called Dirham. The exchange rate of Dirham to US dollars is approximately 3.67 Dirham to 1 dollar. The economic system of UAE is clearly an opportunity for many to capitalize and expand their businesses without fear of personal financial exhaustion. UAE is a vastly diverse country from which various different cultures and ethnicities can be found. The estimated population of UAE is around 9.4 million. Immigrant non – citizens make up about 85% of the population. Abu Dhabi, the nation’s capital has a population of approximately 942,000. UAE’s largest city, Dubai is roughly populated at 1.978 million. The official religion of UAE is Muslim. The Muslim religion is practiced by about 76% of the population. Other religions practiced in the country include, Christianity, Hindu, and Buddhism. UAE was released from British control in 1968. The official Independence of UAE was
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