United Arab Emirates

united-arab-emiratesCapital City: Abu Dhabi
Population (Millions): 8

ECONOMIC OVERVIEW

GDP Per Capita: US$ 40200
GDP per Sector:
Agriculture – 0.9 %
Industry – 51.5 %
Services – 56.6%
Currency: AED
Ex.Rates: 3.68
Big Cities (>100,000): Abu Dhabi, Dubai, Sharjah
Urban Population: 84%
Languages: Arabic, English

Background:The United Arab Emirates (UAE) is a rapidly diversifying, highly developed economy, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI.

At $270 billion in 2008, the GDP of the UAE ranks second in the CCASG (after Saudi Arabia), third in the Middle East—North Africa (MENA) region (after Saudi Arabia and Iran), and 38th in the world.

There are various deviating estimates regarding the actual growth rate of the nation’s GDP, however all available statistics indicate that the UAE currently has one of the fastest growing economies in the world. According to a recent report by the Ministry of Finance and Industry, nominal GDP rose by 35 per cent in 2006 to $175 billion, compared with $130 billion in 2005.

Although the United Arab Emirates is becoming less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. The UAE is a member of the World Trade Organization.