Greater scale will permit larger scope for financing to support the uaes economic agenda for diversification and growth, and more investment in the banks people, technology and infrastructure. Macroeconomic report the structure of economic development. Economic development united arab emirates annual, power. This tradition of welcoming business and trade goes back to early gulf history, when ships sailed to india and along the coast of east africa as far south as mozambique. The role of small business in economic development of the. Abu dhabi, dubai and the other five emirates table 3. However, the drivers of economic growth do not withstand the external shocks of the global economic slowdown. Guiding principles 1 economic development 2 social development 3 security, justice and safety 4 infrastructure, land and environment public sector excellence economic dcweloptnent 1. Currently, there are more than 30 free zones in the uae and over 10 more free zones are currently under development or to be developed and many of them have specialised themes such as finance, logistics, media, healthcare, textiles and automobile. After outpacing the rest of the gcc in economic growth in 2017, the uae is set to almost double its expansion rate in 2018, the latest report by a panel of economists reveals. Creating and maintaining a sustainable and diversified economy is a component of united in knowledge, a pillar of vision 2021. The ded supports the structural transformation of dubai into a diversified, innovative, servicebased economy.
All the above mentioned data bases were used as statistical. The uae did not pass through the hypothetical development stages that most developed countries seem to have experienced. Pdf this contribution examines the major features of uaes economy, its factors of. This contribution examines the major features of uaes economy. Dubai was the first emirate to set up a zone and did so at jebel ali. Department of economic development ded website government departments in abu dhabi phone number. Thirty years ago the uae was one of the least developed countries of the world. Drawing on our unparalleled experience in the middle east, this manual is intended to offer a simple but comprehensive guide to understanding the legal framework and environment for doing business in the uae. In october 2008, hh sheikh mohammed bin rashid al maktoum, uae prime minister and vicepresident, and ruler of dubai, issued. Adcb and unb formally merge to form uaes third largest lender with al hilal bank al hilal bank will remain a separate islamic banking entity abu dhabi commercial banks first. The uae has one of the most open economies in the world.
Economic development in dubai since the 1980s has been something the world has marvelled at. The uae has a petroleumreliant economy with roughly a third of the countrys gross domestic product gdp being derived from its output of oil and gas. The second stage of economic and social development for uae was the discovery of oil and natural gas resources in the state. President of the united arab emirates ruler of abu dhabi. Successful efforts at economic diversification have reduced the portion of gdp based on oil and gas output to 25%. This volume is the firsthand observation and research on the area comprising the united arab emirates uae. An emirate is a political territory that is ruled by a. Moreover, the countrys development experience is occasionally juxtaposed with other economies to provide further contextual backdrop. Strategic plan for the next few years is further diversification of economy through tourism, finance and other service industries, as well as through further development of infrastructure. As part of its diversification program, the uae government continues its free zone development. The uae continues to be a strategic hub, with businessfriendly free zones and a quickly growing economy. Among the more highly publicised were emirates banks merger with national bank of dubai in 2007 to form emirates nbd, and aldars merger with sorouh in 20. Diversification and development of the uaes economy munich.
United arab emirates economic development the discovery of oil opened the way for the uae into the industrial age. United arab emirates a new growth model is needed institute of. The main challenge for the government of the united arab emirates is to overcome oil dependence. The federation, formed in 1971, used its vast oil wealth during the 1970s to transform the national economy through expansion of roads, ports, airports, communications facilities, electric power plants, and water desalination. Structure of current report this report has been structured as follows. Economists forecast that in 20078 the economy is expected to grow at an.
Uae vice president and prime minister and ruler of dubai. Innovation and entrepreneurship for sustainable growth and diversification date. The uaes procyclical fiscal policy ex acerbates the economic cycle. Natural resources are cited as one of the most important growth factors in both economic and social sectors as they are responsible for providing the government with funds and resources to implement the best policies in. Palazzo versace, gala ballroom, dubai building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae. Sustainable tourism for dubais economic development. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and. Today, it has achieved an income level comparable to that of the industrialized nations. The uae claims a territorial sea of 12 nautical miles, a contiguous zone of 24 nautical miles, an exclusive economic zone of 200 nautical miles, and a continental shelf of 200 nautical miles or to the edge of the continental margin. In general, major details of the uae economic evolution are well documented. Mergers of companies in the uae have become increasingly common in recent years. Dubai was the first emirate to set up a free zone and did so at jebel ali.
It presents basic economic data on the uae and delineates the problems in the economy and analyzes it. In a major boost to the ongoing economic development drive, his highness shaikh mohammed bin rashid al maktoum, vicepresident and prime minister of the uae and ruler of dubai, launched the world. Emirates palace, abu dhabi agenda day one tuesday, december 8th 09. In fact, this report studies these determinants of economic growth for the united arab emirates and benchmarks dubai against the other emirates. The united arab emirates economic freedom score is 76.
Can the uae avoid the oil curse by economic diversification. Economic indicators for the united arab emirates including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for the united arab emirates economy. Since the discovery of oil in the 1980s, quick action was taken by the leaders to convert the uae into an economy relying on subsistence agriculture into an economy where oil supplied the economy with significant cash injections. The emirate of abu dhabi, as largest of the seven emirates in the federation, has played an important role in this development. Kuwait, oman, qatar, saudi arabia and the united arab emirates, have enjoyed a spectacular economic boom until late 2008. Dubai financial services covid19 economic impact assessments stay updated on how some of the worlds most promising markets are being affected by the covid19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their longterm growth story continues. Economic development in the uae mohamed shihab introduction thirty years ago the uae was one of the least developed countries of the world. Its substantial stocks of national resources, which rank amongst the highest. Uae economic growth set to double news khaleej times. December 1971 the seven trucial states would merge to form the united arab.
With an investment capital of aed 2 billion under management, rak properties will create urban residential, recreational and business communities that merge local flavour with international standards. Uae economic and social development economics essay. Public joint stock companies the share capital of a public joint stock company is comprised of shares of equal nominal value. Dubais department of economic development ded sets and drives the economic agenda of the emirate. The statements, findings, conclusions, and recommendations found in this study are those of the authors and do not necessarily reflect the views of the office of advocacy, the united states small business administration, or the. By the year 2021, the uae will benefit from a sustainable and diversified economy, flexible in adopting new economic models, and capitalising on global economic partnerships to guarantee longterm prosperity for current. Dubai business survey q2 2016 introduction the department of economic development ded was established in march 1992, with the objective to organize, regulate and boost trade and industry within the emirate of dubai. The uae has an open economy with a high per capita income and a great annual trade surplus. Pdf diversification and development of the united arab emirates. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2.
This report examines the uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. Since the discovery of oil in the uae more than 30 years ago, the country has. At best, the charts offer but a glimpse of the depth of the united arab emirates development experiences. The challenges of economic diversification through tourism. Adcb and unb formally merge to form uaes third largest. United arab emirates control of the management of the company pursuant to the provisions agreed in the memorandum of association of the company. United arab emiratesbackground informationthe united arab emirates uae, is a federation that consists of seven states that are termed emirates and those states are abu dhabi, dubai, sharjah, ajman, umm alquwain, ras alkhaimah, and fujairah. The economic development of the united arab emirates 1st. Five things to know about the uaes aviation industry.
Chapter 2 sets out the model used in the analysis in more detail. United arab emirates global economic prospects examines trends for the world economy and how they affect developing countries. Baniyas towers, al salam street, al markaziyah, abu dhabi opposite abu dhabi municipality, p. Uae economy of a potential agreement to renegotiate the nuclear deal. A comparison of emirati and nonemirati youth in ras al khaimah 11 3 details on the measures used for all the relevant concepts, and a copy of the online questionnaire, are available from the author upon request. Some of the recent threats to the uae economy has include the recent euro crisis in europe.
Ali majed al mansoori, chairman, abu dhabi department of economic development. Economic, social, and political attitudes in the uae. The ded and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide. Following its brief economic recession in the year prior, related to the global economic crisis, the uae returned to surplus in 2010. Abu dhabi marine operating company admaopco and zakum development company zadco. Uae has just managed to pass both saudi arabia and egypt in the uae abdul basit but it is still not enough to get a comprehensive lead in the economic standing of the region. Then, in october, abu dhabi national oil company adnoc revealed plans to merge its two largest offshore operations.
Chapter 3 presents the main finding with respect to determi. Economic diversification by boosting nonoil exports case. Sustainability of economic growth in abu dhabi a dynamic. Lastly, the paper tries to single out the new business sectors for the diversification and the development of the uaes economy. Pdf economic development in the uae semantic scholar. Rather, its large oil revenues have allowed her to leap these stages to the stage of high mass. Table of contents preface background future dubai 1. Baker mckenzie habib al mulla is pleased to introduce the 2017 edition of guide to doing business in the united arab emirates.