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ECONOMICS OF THE UAE - Case Study Example

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Economics of the UAE Name of the of the Professor University Date Introduction The Gulf Cooperating Countries (GCC) is among the fastest growing regions in the world. The GCC is made up of the six countries: Oman, Kuwait, Bahrain, Saudi Arabia, Qatar and the UAE…
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Download file to see previous pages... Fossil fuels (oil, coal and gas) will remain the most supplied form of energy used throughout the globe. Hence this sector is an important source of economic growth for the gulf region. The structure of labour force also plays an important role in the economic development of any country. The structure of the UAE labour force has been studied in this paper and the pattern of expenditure of their income is investigated to assess the effect of labour force on the GCC economy. This paper analyses six articles on this issue and evaluates the findings to assess the process of economic growth of the GCC region. 1. The development and principal features of an oil economy The article by Issac John, titled, “Dubai government owned e-commerce website to expand in Gulf” published in Khaleej Times on 20 February 2013, explains this phenomenon. In 2011 GCC had a nominal GDP of US$1.4trilion (QNB, 2013). The economy of the GCC region is based on the oil reserves of the region and till present times it is known to have the largest reserves of crude oil in the whole world (approximately 486.8 billion barrels) (Gulfbase, 2013). While the OPEC countries together accounts for 70% of the total known crude oil reserves of the world, the GCC alone represent 35.7% of the total reserve. This region holds the topmost rank in producing and exporting petroleum in the world thereby generally assuming a primary role in the global economy, particularly in the OPEC. The GCC economy has increased in size almost three times in the period between 2002 and 2008. This shows that the seven countries in the GCC region (Ajman, Abu Dhabi, Dubai, Al Fujayrah, Sharjah, Ras al Khaymah and Umm al Qaywayn) have reflected spectacular economic growth till mid 2008 (EIA, 2013). GCC countries account for 52% of the total OPEC oil reserves and 49% of the total OPEC crude oil production. The region is continuing its economic reform program, focusing on attracting domestic, regional and foreign private sector investment into oil & gas, power generation, telecommunications, and real-estate sectors. However, the slouch in the financial condition around the globe has brought about a slowdown in the economic status of the world which has slowed down the rate of investment in different development projects in this region. However, with the recent efforts made by all countries towards economic recovery is creating a quick rebound in the economic activities in the region (Gulfbase, 2013). According to analysts the combination of sluggish rise in global oil demand and rising market penetration by the non-OPEC countries might have a dampening effect on oil prices thereby limiting profits for the GCC countries in the near future. According to data published by the International Energy Agency (IEA) in June 2010 the quota compliance of UAE with the member countries of OPEC was re-adjusted (Kumar, 2010). Average export price of oil is estimated to rise marginally therefore declining in real terms. Export volumes would expand only by 1% annually till end of the decade. In the progression, contribution from the GCC countries would sum up to half of the total OPEC output and the “OPEC output as a share of global demand for oil is expected to decline from about 40 percent in 1995 to 37 percent by the end of the decade” ...Download file to see next pagesRead More
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