The United Arab Emirates: Economic Profile - Research Paper Example

The United Arab Emirates: Economic Profile Introduction to the country Formerly known as the Trucial s of the Persian Gulf coast, the United Arab Emirates (UAE) was formerly under the control of the United Kingdom through agreements in the nineteenth centuries up to the 1960s. It is presently rich with oil reserves, starting with the discovery of oil in Abu Dhabi in 1958 and in Dubai in 1966. Prior to the discovery of oil, 70% of UAE’s populace was involved in pearl collection and fishing, with the rest, or 30% involved in agriculture, handicrafts and construction of wooden boats (Elhiraika and Hamed 2-3). The country is comprised of seven formerly independent states, Abu Zaby, Ajman, Al Fujayrah, Ash Shariqah, Dubayy, and Umm al Qaywayn which merged to form the country in 1971, and in 1972, was joined by the state of by Ras al Khaymah (Index Mundi par. 2). The UAE presently has an approximate population of 5,314,317, a large increase from its population on 1968 of 180,000 (Elhiraika & Hamed 2-3). Its economy is primarily based on the extraction of vast natural oil and gas reserves within its inland and sea areas. It currently produces an estimated 2 million of barrels of oil daily. Being the third in worldwide oil reserves, the country has proven oil reserves of 98.8 million barrels, or 10% of the world’s oil reserves in June 2000, with another 6 trillion cubic meters of proven gas reserves (Shihab 249-251). The UAE has a total land area of 83,600 square kilometers, with a coastline of 1,318 km and is bordered by Saudi Arabia on its west, Oman on its east, and the Persian Gulf to the North. As of 1982, its population is comprised of less than 20% natural UAE citizens, with the rest being Emirati, Arabia and Iranian, South Asians and other expatriates. Its official language and religion is Arabic and Islam. Literacy rate is 77.9% with a life expectancy of 76.71 years. The country has a federal form of government, with a Federal Supreme Council (FSC), composed of the seven emirate leaders, with its capital in Abu Dhabi. Its Executive Branch has a Chief of State, President, Vice President and Deputy Prime Ministers with a Council of Ministers appointed by the President. Its legislature is composed of a 40-seat unicameral Federal National Council (FNC) and a judicial branch, the Union Supreme Court, with the Judges appointed by the President (CIA par. 3-5). The Economy of the UAE The UAE economy has undergone a significant change from an impoverished region to one with a high degree of standard of living since the discovery of oil within its borders in the 1950s (CIA Para 1). With a 5.4 million population, the UAE has a GDP of US$ 258.8 billion with an economy exhibiting a 4.9% growth in 2012 mostly attributed to its regulations that support open-market policies and policies that create a favorable business climate due to its high degree of political stability. There is no income tax, general sales tax and standard federal corporate tax in the country but the different states that comprise UAE have differing corporate tax rates that they impose. The country imposes a low total domestic income tax of 7.1%. The country’s large oil revenues have kept the country in surplus and public debt is below 20% of the GDP. Unemployment rate is pegged at 12.9% and even non-citizens can buy, sell, rent, mortgage and own properties as well as invest in special areas identified by the government with no minimum capital investment, but with ownership of at least 51% should be by UAE nationals (The Heritage Foundation par. 5 -15). In addition to the special zones, the UAE has created free trade zones that offer foreign individuals and other entities to have 100% ownership with zero-taxes. This has attracted a lot of foreign investors to the country, significantly boosting its already vibrant economy (CIA Para 1). Less than 1.5 % of its total land area is devoted to agriculture and forestry which contributes an estimated 3.8% to the GDP in 1999. These figures have not significantly increased in the present as the UAE government has not given much attention and focus to this sector due to the harsh climate, lack of water systems and sources and large areas unsuitable for agricultural production (Shihab 249-251). Economic Data of 1991-2000 There is low or very limited agricultural potential for the UAE. Its economy mainly relies on oil and oil related production activities. Though unemployment rate is low at 0.5%, female participation in the labor force is low at 16.3% in 1999. Only 1.6% of UAE nationals are involved in the oil sector with 39% engaged in personal, community and social services (Shihab, p 252). Other UAE nationals or around 19% are employed in the services sector. They are primarily involved in trade, restaurant, insurance, real estate business, finance, storage and communications services (Shihab, p. 253). Table 1. Main Economic Indicators, UAE (1990-1999) Economic Indicators 1990 1991 1992 1993 1994 1995 1999 GDP at current prices (Dh B) 125.3 126 128.4 131.7 135 143.9 181.5 Real GDP Growth (%) 11.9 -2.4 -0.9 -0.6 -2.4 -0.8 6.7 Population (million) 1.84 1.91 2.01 2.09 2.23 2.37 2.93 Total Exports (FOB), $B 21.25 22.15 23.37 23.31 21.78 23.44 32.28 Imports (FOB), $B 11.69 13.92 15.83 17.75 18.25 18.98 28.33 Current account ($B) 5.09 1.53 3 0.18 -0.72 0.36 3.94 Reserves excl. gold ($B) 4.58 5.37 5.71 6.1 Total External Debt ($B) 11.05 10.2 10.8 11.07 Oil Prodn mnb/d 2.12 2.42 2.29 2.22 2.17 2.22 2.28 Ave Oil Price $/barrel 18.5 16.4 14.3 15.5 18.2 Crude oil exports ($B) 14.1 12.1 10.28 11.44 16.62 FOREX Rate Ave (Dh:USD) 3.671 3.671 3.671 3.671 3.671 3.671 3.671 Inflation (%) 5.5 3.2 5 5.5 3.1 Source: Mohamed Shihab. 1999. Highlights of the Era It was during this era that the Gulf War started in 1990. The onset of hostilities against Iraq as a result of its invasion of Kuwait resulted to a state of instability in the region and this “had a negative financial effect on the (UAE), as depositors withdrew their money and traders withdrew their trade”. After the war with Iraq, upon the toppling Saddam Hussein, UAE trade and economy, as well as in other countries of the middle east, recovered “in a changing political climate” (www.facebook.com/Dubai.City/info par. 1). Even with the event of the Gulf War in the early 1990s, non-oil exports of the country exceeded their respective “oil counterparts” in 1992 to about 40% of the country’s GDP (Elhiraika and Hamed Pp. 3-7). It was also during this era that the Central Bank of UAE initiated regulations for all commercial banks in the country to use the International Accounting Standards (IAS) in 1998 and to establish clear corporate structures in 1999 (International Business & Economics Research Journal p 78). Economic Data of 2001-2007 From 2001 to 2007, the UAE has undergone many changes and transformation in the economic sector. In 2005, 73% of its economic growth was contributed by non-oil GDP. These non-oil sectors included manufacturing; trade; real estate; construction; transport, storage & communication; and finance. A large portion of the country’s GDP was contributed by Abu Dhabi and Dubai, with 59% and 28.9% contributions respectively. The government’s budget deficit between 2001 and 2003 was solved by its revenue between 2004 and 2005, when the budget reached AED 56.773 million. In 2004, the country’s trade balance showed a surplus of 19% of GDP with a value of AED 63 billion. But this included trade in oil. Without it, the trade balance would show a trade deficit. Also in 2004, an 8% deficit in GDP was registered. It was a long way from the 1999 and 2000, which showed a deficit of 26% of GDP. Unemployment rates were also notably low, at 3%; during the same year and the labor force in the country comprises 63.2% of the total population. (Istaitieh, Hugo, Husain 6-7) Highlights of the Era. From 2001 to 2007, it can be noted that there was a steady growth in the country’s economy, with its GDP registering more than double than that of the previous decade. The country’s capital productivity exceeded its labor productivity. It was also during this era that a Trade and Investment Framework Agreement, providing the initiation of negotiations and talks for the establishment of Free Trade Zones in UAE, was signed between the United States of America and the country in 2004. These free trade zones offered attractive packages for foreign investors like 100% foreign ownership and zero taxes (CIA par. 1). In 2005, there was an improvement in FDI inflow, receiving 22% of all UAE FDI projects. The UAE attracted AED 68 billion, with USA and UK as its main investors. (Istaitieh et. al. pp. 6-7). The World Economic Forum in its report “The UAE and the World: Scenarios up to 2025” cited that the economy of country has been steadily rising by an average of 7% in the period 2000 to 2007 (World Economic Forum p. 2). Economic Data of (2008-2012) In the year 2008 to 2009, UAE has suffered an economic crisis brought about by a drop in oil prices, collapsing real estate prices and the crisis in international banking. This resulted to political instability (Index Mundi par. 6-8). The financial crises also resulted to UAE’s constricted economy in 2009. With the advent of global financial crisis in 2008 and 2009, the UAE tried to blunt its effects by boosting the liquidity of its banking sector and increasing spending. The crisis particularly hit Dubai the hardest, with the state lacking “sufficient cash to meet its debt obligations, prompting global concern about its solvency”. The Central Bank and other banks based in Abu Dhabi bought large shares in Dubai’s banks. The problem was again addressed in 2009, when Dubai received an additional $10 billion loan from the Abu Dhabi emirate (CIA par. 1). Due to its sustainability, the UAE managed to survive the effects of the 2009 crisis. It has managed to achieve positive growth during these difficult times not only for the UAE, but for the world as well. The country experienced it’s all time high GDP of 21.1% in December 2008 and an all-time low GDP of -13.0% in December of 2002 (Trading Economics Para. 1). Economic activities in the country changed significantly in 2010 with the Commodity Activities Groups contributing 43.7% of the GDP of UAE. The construction sector contributed 11.8% to the GDP and exhibited a growth rate of 8.6% in the same year. Foreign investments likewise exhibited a growth rate of 8.8% with a total of AED 280.3 billion earnings in 2010 (Ministry of Economy UAE pp. 12-33). In 2011, the UAE recorded a government budget surplus “equal to 2.90 percent of the countrys Gross Domestic Product” (Trading Economics Para. 1). Inflation rate was recorded at a high of 6.2% in 2005 but the country exhibits a notably low unemployment level of 3% in 2004 (Istaitieh et al. 6-7). These figures further decreased with inflation rates pegged at an average of 2.35% in 2012 and unemployment rate at an average of 3.04% in 2011 (Trading Economics par. 2-4). In 2011, several UAE activists initiated a petition calling for political reform in the country through the establishment of a parliament and expansion of voting right as well as the rights and powers of the Federal National Council (FNC). In response, the government initiated a multi-year $1.6 billion infrastructure investment plan for the poorer northern Emirates and held an FNC election in September 2011 (Index Mundi par. 6-8). In 2010, oil production by the UAE is at 2.81 million barrels/day and another 5.1 billion cubic feet per day of natural gas production in 2009 (Energy Information Administration p. 1). Despite the fall of crude oil demand the Abu Dhabi and Dubai stock markets showed significant gains in 2012 with recorded price returns of 10% and 21% respectively for 2012. A 25% growth in market liquidity was also noted during that same period (Markaz 17). Key performance indicators to Date Table 2. 2011 Key Performance Indicators, UAE Economic Indicators 2011 GDP at current prices (USD B) 252.5 Real GDP Growth (%) 3.3 Population (million) 4.111 Total Exports (FOB), $B 265.3 Imports (FOB), $B 185.6 Current account ($B) 38.45 Reserves ($B) 55.29 Total External Debt ($B) 167.2 Oil Prodn mnb/d 2.813 Ave Oil Price $/barrel 60 FOREX Rate Ave (Dh:USD) 3.673 Inflation (%) 2.5 Unemployment Rate (%) 2.4 Source: Countries of the World Website Comparative Benchmarks There are several international rankings of national economies being done by several international organizations and funding agencies, particularly the United Nations (UN), International Monetary Fund (IMF), World Bank (WB), and the US Central Intelligence Agency (CIA). Notably, these entities primarily based their rankings of the world’s economies by each nations GDP. The following table lists the rank of each of the member GCC country as ranked up to the year 2011. Table 3. World Ranking of GCC Member States by GDP (2011) GCC Country UN Ranking CIA Ranking IMF Ranking WB Ranking Saudi Arabia 20 20 20 20 UAE 30 30 31 28 Bahrain 93 94 92 99 Oman 62 63 63 62 Kuwait 54 51 54 51 Qatar 51 52 52 52 Sources: CIA World Factbook. 2012 (GDP Official Exchange Rate) United Nations http://unstats.un.org/unsd/snaama/dnltransfer.asp?fID=2 International Monetary Fund. World Economic Outlook Database. 2012 World Bank. GDP (Current US$). October 2012 By basing the economy primarily on its GDP, Saudi Arabia has the largest economy followed by the UAE, Qatar, Kuwait, Oman and lastly, Bahrain. The World Economic Forum, however, developed its own ranking system of international economies by measuring a nation’s global competitiveness. In its Global Competitiveness Report for 2011-2012, the Global Competitiveness Index (GCI) or ranking out of the 142 countries for each of the GCC member states are cited. In contrast to ranking a country primarily by its GDP, the GCI measures a country’s economic competitiveness based on twelve identified pillars particularly institutions, infrastructure, health and primary education, macroeconomic environment, higher education and training, goods market efficiency, labor market efficiency, technological readiness, market size, financial market development, business sophistication and innovation (World Economic Forum pp. 4-8). Table 4. Global Competitive Index Ranking of GCC Member States (2011) GCC Country GCI Ranking % Share to World GDP Saudi Arabia 17 0.84 UAE 27 0.33 Bahrain 37 0.04 Oman 32 0.11 Kuwait 34 0.19 Qatar 14 0.20 Source: World Economic Forum. 2011 Central Bank of the UAE (CBUAE) The Central Bank of UAE was established under Federal Law 10 (International Business & Economics Research Journal p. 85) and on December 11, 1980, pursuant to the provision of Union Law No. 10 of 1980, the bank formally commenced its functions which included directing monetary, credit and banking policy in the country. Central bank will supervise over implementation of this policy in accordance with the UAE’s policy and thereby help support the country’s economy and the stability of its currency (Central Bank of UAE par. 1). The Arab Emirates Dirham currency is pegged with the US Dollar. The UAE Central Bank determines controlling interest rates and sets up monetary policy for the country. The Central Bank is charged with the licensing of all commercial banks incorporated within the country and sets the requirements for the regulation and supervision of UAE’s financial sector. It has also instituted reforms and procedures which streamlined all banking operations in the country. Combined with its requirement for banks to maintain a capital to risks-weighted assets ratio of at least 10% at all times, streamlining and requiring that all banks must be owned by a majority of UAE nationals, financial banking systems in the country enjoys increasing consumer confidence (International Business and Economic Journal 77-85). Outlook for the future UAE has a positive outlook with regards to its economic growth in the next several years. In the results of the Abu Dhabi Economic Outlook Report, it is said that “growth will continue, averaging 6.5 percent during the period 2013 to 2016…domestic household consumption to average 8.1 percent per annum in the 2013-2016 time frame, reflecting a buoyant economy and growth in per capita income” (Khan par. 5). The Economic Intelligence Unit of The Economist forecasted that the UAE “will remain stable in the 2013-17 forecast period…After an estimated expansion of 3% in 2012, growth is forecast to average 5.2% in 2013-17” (para 1). Markaz or the Kuwait Financial Center forecasts that due to the positive Stock Market returns in 2012, Dubai has a positive outlook for 2013. The strong rebound by Dubai in its real estate and tourism sector, which fueled its economy in 2012, will continue in 2013 with an overall positive market view for the country. As a result, one of the significant factors to watch for 2013 is a recovery of the real estate industry in the country (Markaz p 2). With a stable real estate market and improving prices of property, combined with popular investor destinations, with tourism arrivals experiencing 13.1% growth in 2012, Dubai will remain as the most popular investor destination for 2013 with property prices remaining stable. Additionally, the UAE’s Ministry of Foreign Trade reported an 11.1% growth in non-oil foreign trade in 2012 and they expect a 10-15% growth in the value of foreign trade by 2013 (Markaz 4-5). Based on trends in the region, Markaz is projecting a decrease in real GDP growth rates in the UAE from 4% in 2012 to 2.6% in 2013 and an increase in inflation rate from 0.7% in 2012 to 1.6% in 2013 as a result of the continuing economic crisis worldwide (Markaz 8-9). All in all, the IMF expects that the new infrastructure projects in Abu Dhabi and Masdar City, oil and real estate sectors, trade and tourism, would fuel the growth of the GDP of the country by 2.6% and as a result of the string performance of the aggregate corporate earnings in 2012, the same would be true in 2013 with a forecast of 40% growth (Markaz p 17). Observations The UAE has undergone a series of changes and is now a long way from the former Trucial States of the Persian Gulf coast. Much of these changes have been brought about by economic factors which has been growing and improving with its wise decisions with regards to its natural reserves and an increasing inflow of FDIs. While it is true that oil is the big factor which boosted the country’s rising economy, it can be noted that aside from this energy reserves, UAE has wisely invested and used its labor force to its advancement which resulted to it being an important contributor to its GDP. According to Shihab (1999), 58 percent of the labor force is engaged in trade, restaurants, hotels, transports, storage, communications, finance, insurance, real estate, business services, and social and personal services. This sector ranked first in terms of size of employment and is the second largest value added, after the oil sector in the country’s GDP in 1998. The manufacturing sector exhibited a 12.6 per cent share of employment and the labor force, quarrying, petroleum extraction and mining sector ranked last in terms of employment share (Shihab 253-254). In its bid to develop a steady economy, the UAE has expanded its federal and local sources of labor, opened its doors to outside investments in terms of infrastructures and other employment generating activities such as trade, manufacturing, construction, tourism, and other sectors. The country has indeed made an extraordinary leap from being an impoverished region to being one of the most financially developed countries in the world. Despite the rollercoaster movements of the UAE’s economy, it is evident that the country is still heading for a great economic year. The global financial crisis caused a slowdown of growth for the country but its ability to recover in a short span of time, while others are still reeling from the effects of the crisis is evidence of an almost stable financial economy. Just two years after the crisis, the country showed the ability to go full throttle in its strategies for economic growth, thereby attracting more investors. The establishment of free trade zones and allowing foreign nationals and entities to own properties and investments helped infuse much needed capital to boost its economy. This also serves to make the UAE attractive to foreign investments. Diversification seemed to be their best tool in getting back on track, which include improving tourism sector, real estate industry, trade and the corporate earnings. This diversification resulted to an increase in employment rate. Indeed, in a span of forty years, UAE was able to shift from agriculture and fishery to trade, manufacturing, construction, tourism, and others such as communications, finance, insurance, and real estate, and became a stable center for business. One of the reasons for the country’s success may be attributed to its business-friendly regulations, one of which includes open-market policies which in turn give it a favorable business climate that attracts laborers and investors alike. These policies make UAE a strong and stable country in terms of economy, being able to surpass and survive financial crises that it has experienced. Additionally, its policy of inducing spending helped bolster its economy during the global financial crisis in the late 2000s. Further, foreign investors remain confident in continuing business in the country due to its relatively stable political climate, exchange rate and foreign business policies. Suggestions to improve economic performance The Abu Dhabi Department of Economic Development formulated the Abu Dhabi Economic Outlook Report (2012-2016), which contains strategies to further economic diversification in support of the strategic objectives of Abu Dhabi Economic Vision 2030. Proper implementation of these plans will result to a more stable and successful economy not only of Abu Dhabi but the whole UAE as well. To be at par with other industrialized nations, and to attain its goal of a market-driven economy, the UAE should consider the stability of its neighbors, increase access to global markets and in turn, be more open to attracting local and international investors. As a lesson from the global financial crisis in 2008-2009, investors particularly financial and banking institutions in the country should develop contingency plans dealing with major stress scenarios in order to withstand another such crisis from being experienced with major effects in the country. Commitments not only to the government but also to its people and a welcoming attitude to foreign investors and the determination to diversify, improve and expand and will assure the country of the support of these groups to the country’s goals in the future. Continued education and training as one of the programs will greatly contribute to improvement of the labor force. Investing in human capital will result to improved labor performance of its citizens. This will result to satisfactory reviews in terms of labor force attitude and skills which in turn will result to an increase in labor demand. With this factor, unemployment rate in the country would further decrease. There is also a need for continued diversification in the economy. This is necessary in order that the country’s economy would not be totally reliant on its already developed oil resources. There is a need for the UAE to develop and build on existing assets, and potential and performing sectors such as tourism, travel, transport, professional and personal services, banking and finance, infrastructure and construction and trade industry. These sectors aside from its natural oil and gas resources will assure the country of stability in its economy no matter the situation of oil industry in the region. Public-private partnerships should be undertaken to fuel economic growth. Diversification will ensure its people of job opportunities and government needs to provide development plans to be properly implemented to assure gradual and continued development to successfully transform the country’s economy. The country’s main objective should be a stable economic environment, which will benefit not only its people but investors as well. Continued improvement at the federal and local levels in terms of attitudes, commitment to enforce regulations, and proper management will ensure a positive result in terms of efficiency will effectively bolster the government’s goal of economic growth. This policy will also help attract more investors, local and foreign. Conclusion The UAE was one of the least developed countries in the world three decades ago, but its economy has reached to a level comparable to that of industrialized nations as it emerged from being an impoverished nation into a financially developed one today. Large oil resource and its revenues allowed for its successful ascension to the ranks of highly developed nations in so short a time, unlike other nations which passed through development stages. Its use of oil and gas resource for resourced-based industries for development and industrial strategies enabled the UAE to “shortcut the usually difficult and lengthy process of saving and capital accumulation necessary for economic development”. (Al Baloushi, Al Marzooqi, Al Yafaie and Al Haj p. 3) Aside from its natural resource, the UAE began to explore and include other economic sectors in its area as strategies for economic development such as trade, manufacturing, construction, tourism, and other elements such as political and social stability, competent planning, policies and regulations, private and financial sector involvements such as the banking sector and financial market contributed to the country’s steady diversified economic growth. And after decades of this consistent economic strategy, UAE’s “financial system was pacing up with the general economic trends” (Mosesov and Sahawneh 4-5). Overall, the country has shown stability and resilience despite the many domestic and international challenges. Combined with its rich natural reserves of oil and natural gas, it has gradually diversified its economy and established infrastructure to support its growing economic activities. Further, the country’s policy of attracting foreign investment and allowing foreign skilled nationals to work in the UAE has helped create an environment that is stable enough to withstand the grave effects of the global financial crisis. Works Cited Abu Dhabi Department of Economic Development. Abu Dhabi Economic Outlook Report (2012-2016). 2011. Web. 15 January 2013. Al Baloushi, Salem Abdulla, Al Marzooqi, Abdulrahman Mohamed, AlYafaie, Waleed Qassim, and Al Haj, Mohammed Nabeel. UAE Economy Project 2011. n.d. Web. 15 January 2013. CIA. The World Factbook. 7 January 2013. Web. 15 January 2013. Elhiraika, Adam B and Hamed, Annas H. Explaining Growth In An Oil-Dependent Economy: The Case Of The United Arab Emirates. February 2002. Web. 15 January 2013. Energy Information Administration. Country Analysis Brief UAE. January 2011. Web. 15 January 2013. Index Mundi. United Arab Emirates Background. July 26, 2012. Web. 15 January 2013. ____. “An Analysis Of The United Arab Emirates Banking Sector.” International Business & Economics Research Journal January 2007 6 (177). Web. 15 January 2013. International Monetary Fund. World Economic Outlook Database. 2012. Web. 15 January 2013. Istaitieh, Abdulaziz, Hugo, S. and Husain, Natasha. UAE Macroeconomic Report. 2007. UAE: DCCI – Data Management & Business Research Department Dubai. 2007. Print. Khan, Mehmood Ul Hassan. Abu Dhabi Economic Outlook Report (2012-2016): A Way Forward. Oct 23, 2012. Web. 15 January 2013. Markaz. GCC Outlook 2013. January 2013. Web. 15 January 2013. Ministry of Economy UAE. Annual Economic Report 2011. 2012. Web. 15 January 2013. Mosesov, Alexander and Sahawneh, Ninar Mousa Farih Sahawneh. Economic Development in the UAE. 2003. Web. 15 January 2013. Shihab, Mohamed. Economic Development in the UAE. 1999. Web. 15 January 2013. The Economist- Economic Intelligence Unit. United Arab Emirates. 2013. Web. 15 January 2013. The Heritage Foundation. 2013 Index of economic Freedom-United Arab Emirates. 2013. Web. 15 January 2013. Trading Economics. United Arab Emirates Government Budget. 2013. Web. 15 January 2013. United Nations. http://unstats.un.org/unsd/snaama/dnltransfer.asp?fID=2. Web. 15 January 2013. World Bank. GDP (Current US$). October 2012. Web. 15 January 2013. World Economic Forum, The UAE and the World: Scenarios up to 2025. 2007. Web. 15 January 2013. Central Bank of UAE. Retrieved from www.abudhabi.ae/egovPoolPortal_WAR/appmanager/ADeGP/Citizen?_nfpb=true&_pageLabel=p_citizen_departments&did=138448&lang=en. Web. 15 January 2013. Countries of the World. United Arab Emirates Economy 2012. Retrieved from http://www.theodora.com/wfbcurrent/united_arab_emirates/united_arab_emirates_economy.html. Web. 15 January 2013. Read More