United Arab Emirates

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

United Arab Emirates - In Short.

Overview of United Arab Emirates

The Trucial States of the Persian Gulf coast granted the UK control of their defense and foreign affairs in 19th century treaties. In 1971, six of these states – Abu Dhabi, ‘Ajman, Al Fujayrah, Ash Shariqah, Dubayy, and Umm al Qaywayn – merged to form the United Arab Emirates (UAE). They were joined in 1972 by Ra’s al Khaymah. The UAE’s per capita GDP is on par with those of leading West European nations. For more than three decades, oil and global finance drove the UAE’s economy. In 2008-09, the confluence of falling oil prices, collapsing real estate prices, and the international banking crisis hit the UAE especially hard. The UAE did not experience the “Arab Spring” unrest seen elsewhere in the Middle East in 2010-11, partly because of the government’s multi-year, $1.6-billion infrastructure investment plan for the poorer northern emirates, and its aggressive pursuit of advocates of political reform. The UAE in recent years has played a growing role in regional affairs. In addition to donating billions of dollars in economic aid to help stabilize Egypt, the UAE was one of the first countries to join the Defeat-ISIS coalition, and to participate as a key partner in a Saudi-led military campaign in Yemen. On 15 September 2020, the UAE and Bahrain signed a peace agreement (the Abraham Accords) with Israel – brokered by the US – in Washington DC. The UAE and Bahrain thus became the third and fourth Middle Eastern countries, along with Egypt and Jordan, to recognize Israel.
Value
Country Full Name
United Arab Emirates
Country Code
ARE
Region
Middle East & North Africa
Income Group
High income
Currency Unit
GDP
3.59E+11
Population
9890400
Land Area
71020
Net National Income Per Capita
33416.451
GDP per Capita (PPP)
66771.49975

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

United Arab Emirates - Economic

Economy of United Arab Emirates

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.Since the discovery of oil in the UAE nearly 60 years ago, the country 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 utilities to greater private sector involvement. The country’s free trade zones – offering 100% foreign ownership and zero taxes – are helping to attract foreign investors.The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and introduced excise taxes (50% on sweetened carbonated beverages and 100% on energy drinks and tobacco) in October 2017. A five-percent value-added tax was introduced in January 2018. The UAE’s strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

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United Arab Emirates - GDP Composition

GDP Composiiton & Value Added of United Arab Emirates

Last Updated: Jan, 2021, Updated For 2020.

United Arab Emirates - GDP, Value Added

Demographics of United Arab Emirates

population is heavily concentrated to the northeast on the Musandam Peninsula; the three largest emirates – Abu Dhabi, Dubai, and Sharjah – are home to nearly 85% of the population
Geographic Location

Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia

Races

Emirati 11.6%, South Asian 59.4% (includes Indian 38.2%, Bangladeshi 9.5%, Pakistani 9.4%, other 2.3%), Egyptian 10.2%, Filipino 6.1%, other 12.8% (2015 est.)

Languages

Arabic (official), English, Hindi, Malayam, Urdu, Pashto, Tagalog, Persianmajor-language

Religion

Muslim (official) 76%, Christian 9%, other (primarily Hindu and Buddhist, less than 5% of the population consists of Parsi, Baha'i, Druze, Sikh, Ahmadi, Ismaili, Dawoodi Bohra Muslim, and Jewish) 15% (2005 est.)note: data represent the total population; as of 2019, immigrants make up about 87.9% of the total population, according to UN data

Dependency & Expectancy of United Arab Emirates

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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United Arab Emirates - Social Media Briefing

United Arab Emirates - Social Media & Social Commerce

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Politics & Policies of United Arab Emirates

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ABEDA, AfDB (nonregional member), AFESD, AMF, BIS, CAEU, CICA, FAO, G-77, GCC, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, LAS, MIGA, NAM, OAPEC, OIC, OIF (observer), OPCW, OPEC, PCA, UN, UNCTAD, UNESCO, UNIDO, UNRWA, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of United Arab Emirates

Export of United Arab Emirates

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