You are Here : Home  » Country Guides  »  Middle East  »  United Arab Emirates  
Follow Us
Share   
Advertisement












 
United Arab Emirates News
United Arab Emirates Events
United Arab Emirates Travel Packages
United Arab Emirates HoneyMoon Packages
United Arab Emirates Cruises
Communications
Culture
Dialing Codes
Duty Free
Economy
Embassies in Abroad
Entertainment
Festivals
Food
Foreign Embassies-Consulates
Getting There
Health
Hotels
Map
Money
Overview
Public Holidays
Sightseeing
Top Things To Do
Transport
Travel Advice
Travel Guide
Travel Information
Visa and Passport
Weather
 
United Arab Emirates Economy

Economy

The wealth of the country is based on oil and gas output which is about 30% of GDP. Oil was discovered here in the 1950s. It has generated about 9% of the world's total wealth from oil reserves. In last 20 years, the government has increased spending on job creation and infrastructure expansion. It is developing as a centre for tourism, trade and commerce. In 2004, the country signed a Trade and Investment Framework Agreement (TIFA) with Washington and later in the same year it agreed to undertake negotiations toward a Free Trade Agreement (FTA) with the US. UAE is the 3rd most important re-export centre after Hong kong and Singapore.

Major Exports

    * Crude Oil
    * Petroleum products
    * Natural Gas
    * Dried Fish

Major Imports

    * Machinery and electrical equipment
    * Chemicals and related materials
    * Food
    * Pearls, precious stones and precious metals
    * Vehicles and other transport equipment
    * Textiles and textile articles

Tourism

In the list of 11 countries in the Middle East UAE topped in terms of the travel and tourism sector's contribution to the gross domestic product, followed by Jordan and Lebanon, according to a latest World Travel and Tourism Council (WTTC) report.The UAE remains in pole position with a GDP contribution of 22.6 per cent and growth rate of 13.5 per cent in 2008.

The Middle East travel and tourism sector is expected to generate revenue of $456 billion over the next 10 years, according to the report.

GDP (2007): $198.7 billion.

Annual growth rate (2007)
6.3%.

Per capita GDP (2007)
 $45,531

Natural resources
Oil and natural gas.

Petroleum (2008 est.)
36.8%.

Manufacturing (2008 est.)
12.2%.

Services (44% of 2003 GDP)
Trade, government, real estate.

Trade (2006 est.)
Exports--$157 billion: petroleum, gas, and petroleum products.

Major markets:
Japan, South Korea, Thailand, India.

Imports:
$126.6 billion: machinery, chemicals, food etc.

Major suppliers
Western Europe, Japan, U.S., China, India.

Foreign economic aid (2008):
In excess of $8.7 billion.

Advertisement
Abu Dhabi Air Ticket Cheap

Cheap Travel Insurance
Kailash Mansarovar
India Tourism
Travel Guide

 
 
Travel2Abroad .. all rights reserved