The economy of United Arab Emirates

Good morning everyone! I’m going to talk about the economy of United Arab Emirates. Firstly I’ll tell some basic facts about this country, the main part contains economic and financial points, main strategies of development.

1.The United Arab Emirates is an Arab country in the southeast of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing sea borders with Qatar and Iran.

The UAE is a federation of seven emirates, each governed by a hereditary emir, who choose one of their members to be the president of the federation. The constituent emirates are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. The capital is Abu Dhabi, which is also the state's center of political, industrial, and cultural activities. Islam is the official religion of the UAE, and Arabic is the official language. The national currency is a uae dirham.

2.The UAE has a relatively high Human Development Index among Asian continent, ranking thirtieth globally. In 2011, UAE is ranked as the 14th best nation in the world for doing business based on its economy and regulatory environment. With a population of just under 900,000 Abu Dhabi was labeled "The richest city in the world" by a CNN article. GDp per capita makes about 50.000 $ and it’s the 6^th place in the world.

Petroleum and natural gas exports play an important role in the economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on the exports of natural resources in 2009. The UAE has tried to reduce its dependency on oil exports by diversifying the economy, particularly in the financial, tourism and construction sectors.  The UAE is a member of the World Trade Organization. The largest trading partner for the UAE is India.

Tourism is an important part of the UAE government's strategy to maintain the flow of foreign cash into the emirate. Dubai's lure for tourists is based mainly on shopping, but also on its possession of other ancient and modern attractions.

The UAE has been spending billions of dollars on infrastructure. These developments are particularly evident in the larger emirates of Abu Dhabi and Dubai. Dubai International Airport was the 6th busiest airport in the world by international passenger traffic in 2008. A 1,200 km country-wide national railway is under construction which will connect all the major cities and ports. The UAE has signed peaceful nuclear agreements with France, United States, and South Korea. The Dubai Metro is the first urban train network in the Arabian Peninsula.

In conclusion I’d like to say that the position of this country is expected to change if the government doesn’t reduce oil production activity and exports, which are non-renewable. But still the United Arabic Emirates is a rich and expansive for living, but worth been visited country.