Essay on The UAE

Submitted By hazemeissa
Words: 327
Pages: 2

The UAE, having a GDP of $570 billion (2014), has one of the largest economies in the Arab world, second only to Saudi Arabia. Prior to declaring their independence from the United Kingdom in 1971, each individual emirate was responsible for their respective economies. In the past their economies were based on pearl diving and fishing, however upon the discovery of commercial quantities of oil, the UAE economies changed drastically. Sheikh Zayed Bin Sultan Al Nahyan, the previous president of the UAE, is responsible for advancing the UAE into the 20th century using the revenue from oil exports. In 2012, the UAE imported a total of $273.5 billion, surpassing Saudi Arabia as the number one importer in the region, and exported $314 billion, making the UAE the number two exporter in the region. The main partners of the UAE in trade is India and Africa, with trades totaling over $75 billion with India and the UAE importing about 80% of their primary products (food produce and beverages) from Africa. Non-oil trade between Dubai and Africa has grown significantly over the past decade.

UAE Product Exports
The UAE’s economy is extremely reliant on oil. Although things have changed since 2009, in which the UAE’s economy was 85% based on oil exports, oil revenues are still what drive the UAE’s economy. Dubai being an exception has diversified its economy greatly due to the fact that Dubai doesn’t have much oil reserves. The Emirate of Dubai suffered a late but significant impact…