Based on information available at the time of these discussions, the staff. Workforce in the uae the official portal of the uae. This economic slowdown was caused by several factors, including lower oil revenues, the completion of several large industrial and infrastructure projects, and the iraniraq war 198088. 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 the uae, providing constant guidance, advice and practical support to both buyers and suppliers. Uae weathers challenges abu dhabi has been not idle in the face of lower oil prices, continuing to cut spending and to consolidate key sectors of the economy. Uae and some of the worlds economic giants such as the united states, the. The economic importance of the uae winning the right to organise expo2020. Ganev 2005, minassian 2008, pirimova 2001 and2014, raleva 20, statev. United arab emirates, federation of seven emirates along the eastern coast of the arabian peninsula. Since then the country has become a major center for oil, commerce, and finance in the region. Uae real gdp in constant 2005 prices billions of us dollars 1972 to 2014 41. Economy uae s gdp has now exceeded 1 trillion dirhams, from 11 billion dirhams in 1973, depicting a rate of economic expansion that has exceeded even that. The statistic shows the united arab emirates uae gross domestic product growth from 2014 to 2017, with projections up until 2024.
The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Tourism and economy the official portal of the uae. Uae accountants welcome new auditing law the national. This contribution examines the major features of uaes economy, its factors. Pdf this contribution examines the major features of uaes economy, its factors. The uae s dependence on oil is a significant longterm challenge, although the uae is one of the most diversified countries in the gulf cooperation. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. The economy of the united arab emirates or uae is the second largest in the middle east after saudi arabia, with a gross domestic product gdp of usd 414 billion aed 1. Statistics according to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447. Beyond 2017, overall gdp growth is expected to recover to 2. Although dubai s economy is comparatively highly diversified, falling oil prices still impact the. Cabinets resolutions this page provides details of cabinet resolutions relating to the new organisational structure of the ministry of finance mof, including all the details of the tasks and competencies of the ministrys sectors and departments. Abu dhabis 2017 gdp estimates at current prices was aed 832,470 million compared with aed 760,396 million in.
Science, technology and innovation higher policy pdf 2mbmocaf. The economy continues to experience a slowdown in economic growth as a. In this briefing on dubais residential real estate market. Launch uae futures challenge for students to design solutions for the future predicted issues. 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. The uae has the worlds third highest gdp per capita in purchasing power parity terms. Sector economics best bank in dubai and uae emirates nbd. Background data is also presented on dubais trading relationships with regional gcc partners as well as major players such as china, the us, russia and india. Lastly, the paper tries to single out the new business sectors for the diversification and the development of the uae s economy. The uae consists of seven emirates and was founded on 2 december 1971 as a federation.
Austerity measures weakened business and consumer confi. It is based on the information available at the time it was completed on june 11, 2014. The federation formed in 1971 after british forces withdrew from the persian gulf. In 2016, the direct contribution of the travel and tourism sector to the uae s gdp was aed 68. United arab emirates economy gdp, inflation, cpi and. These efforts were reflected in the launch of the halal complex in 2014 in dubai industrial city. In fact, the uae did not pass through the hypothetical stages that most developed countries seem to have experienced2.
The uae has an open economy with a high per capita income and a sizable annual trade surplus. The uaes hydrocarbons sector grew at a forecasted 3. Coronavirusrelated economic disruptions are the key risks to the outlook. Its members include representatives from each emirate and a representative from the uae central bank with the purpose of preparing financial policies, seeking mutual consultation on the federal budget, as well as financial and economic development. Successful efforts at economic diversification have reduced the portion of gdp from the oil and gas sector to 30%, according to the cia world factbook. The uae s strong economic growth, solid household spending and increased access to vehicle financing are set to be the drivers for the automotive the strong domestic demand for automotive products is illustrated by. Diversification and development of the uaes economy munich. The uae is the worlds seventh largest oil producer and the production of crude oil is the most important economic activity.
Fostering a unique innovation ecosystem for a knowledgebased economy ahmad bin byat and osman sultan, du chapter 6 the united arab emirates uae is quickly transforming itself from an oilbased economy to an innovative, knowledgebased economy. The uae s economy continues to slow down as a result of low oil prices and fiscal consolidation weighing on nonoil growth. United arab emirates economic forecasts 20202022 outlook. To build and enhance the environment for sme development, all. Average gdp growth over 2000 to 2006 in the uae was about 8. President of the uae, signed federal law no 12 of 2014. Six of the seven emirates abu dhabi, dubai, sharjah, ajman, umm al quwain and. It has maintained its position as the second largest economy in the arab world and one of the most important regional destinations for trade, investment and economic activities. United arab emirates government budget % of gdp from 1998 to 2014. The uae will remain politically stable in 202024, despite regional tensions centred on iran. Uae economic growth set to double news khaleej times. Economic indicators of the united arab emirates 15 executive summary of the economic activities 16 first foreign trade sector 19.
Companies based in the united arab emirates have started operation in the complex, such as al islami food. Massive oil revenues have enabled the uae to shortcut the. Figure 1 united arab emirates annual gdp growth rate. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uae s growth to recover slowly, averaging 2. 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. Oil industries accounted for around 30 per cent of gdp in 2014, down. Creating and maintaining a sustainable and diversified economy is a component of united in knowledge, a pillar of vision 2021. The united arab emirates economic freedom score is 76. The country has experienced significant economic growth.
Since the discovery of oil in the uae nearly 60 years ago, the country has undergone a profound transformation from an. United arab emirates june 2016 united arab emirates. The uae continues to be a strategic hub, with businessfriendly free zones and a quickly growing economy. Pdf within last three decades both financial sector and uae economy as a. Macroeconomic overview the united arab emirates gdp increased by 0. During the early 1980s, the economy began to contract.
This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. The uae economy has proven its resilience and ability to sustain growth despite such pressures and economic difficulties. Driving economic growth, the nonhydrocarbon economy is expected to grow at about 5. Middle east united arab emirates the world factbook. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. The global innoation inde 2014 t u ar emirat fost u iva ecosystem the united arab emirates. Strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification, free zones and increased foreign direct investment contribute to the uae s robust economy.
Oec united arab emirates are exports, imports, and. Uae has built a good foundation for the halal sector, including infrastructure and the setting of standards. 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. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. The rate of participation in the female labour force was about 41. Over the course of 2018, the central bank of the uae s overall augmented economic. This contribution examines the major features of uaes economy.
The healthcare sector in the united arab emirates innovation brief no. Dubai fdi, part of the department of economic development in dubai. Pdf diversification and development of the united arab emirates. Nevertheless, the uae is well on its way towards a diversified economy. Economic indicators of oil exporting countries of mena region. Get the latest update on uae, business, life style, uae jobs, gold rate, exchange rate, uae holidays, dubai police, rta and prayer times from uae s largest news portal. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubai s hosting of expo 2020 expected to. The government is focusing on the uae becoming the economic, touristic and. Enhance the future foresight in the organization as a.
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