The Economic Growth of the UAE - Essay Example

Download file to see previous pages The UAE has an outstanding GDP growth rate of 4.5% despite the increasing global competition. Globally, UAE is depicted to possess approximately 10% of the total oil reserve which is a great boost to the economy. Moreover, UAE is among the leading producers of natural gas in the global market. It is also important to note that the UAE government is another factor contributing to economic growth as it encourages global trading and maintains a favorable environment for investors.

Scope of the study
The study seeks to overlook all the aspects of the economy ranging from external to domestic trade. The scope of the research covers the United Arab Emirates. Therefore, the region is limited to UAE; nonetheless, the study has attempted to examine other factors outside UAE that can influence its economy in one way or another. All economic concepts impacting the growth of UAE’s economy have been highlighted thus comprehending how the economy operates. Furthermore, the study has assessed the economic trend and patterns for UAE over the last few years and projected patterns up to 2019.

Final Research Paper - UAE Economy
1. Introduction
The historical existence of ‘The United Arab Emirates (UAE)’ was identified in 1968 as a result of collaboration between ‘Sheikh Zayed bin Sultan Al Nahyan’ and ‘Sheikh Rashid bin Saeed Al Maktoum’. The prime reason for this truce was to safeguard the potential oil-rich reserves of this nation from the dominative intentions of the neighboring global powers such as the US among others. The historical evidence of UAE also projects itself as an open kind of economy, where major emphasis is provided towards welcoming foreign trade practices. In simple words, UAE projects itself as a paradise for carrying out international trade practices for better economic growth (Embassy of the United Arab Emirates, 2009).

In alignment with its economic openness, the nation within a confined period has successfully attained an appreciable level of economic growth. In this context, it has been identified that UAE has remarkable economic progress i.e. GDP growth rate of 4.5% in the financial year 2014 irrespective of the massive level of global market competition. ...Download file to see next pages Read More