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Future of United Arab Emirates - Coursework Example

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This paper will give an analysis for the United Arab Emirates, in terms of economics. Various major sectors that have been and still contribute to the economic development of UAE have been highlighted, researched and collected to give a brief prediction of what will be UAE’s future after 15 years…
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Download file to see previous pages The risk of oil dependency is critically analyzed and proved otherwise for UAE’s future. UAE government is seeking a diversified portfolio for its revenue for long term growth for its economic engine. Therefore a number of aspects were covered that highlighted those developments that were hedging from oil dependency risk. The areas covered were the Financial Corporations, Social Development, Automobile Industry, Education, Health Services, Population, Tourism, Airlines, Manufacturing, and Construction Industry. After briefly overseeing each area, it concluded much growth is some chances of economic saturation n Dubai and the Abu Dhabi Emirates. To counter this possibility, it was discovered that UAE will be refurbishing current infrastructure of these two cities and also starting to implement a master plan dedicated to Al Ain city. This master plan will be developing the same industries while also sustaining its unique culture and heritage. The United Arab Emirates is a federation of seven Emirates located on the Arabian Peninsula. Each Emirate is ruled by a sheik, a member of the royal family. These seven states are Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Qaiwain, Fujairah, and Ras Al Khaimah. UAE is also the second largest Arab economy in the Middle East. Its 80 percent of revenue earnings come from its top two emirates, Abu Dhabi and Dubai. Abu Dhabi is the major hydrocarbon resource and industrial center for UAE while Dubai is the trading, financial and tourist hub of the UAE. Previously the United Arab Emirates had not exploited its potential to extract its oil reserves until 1960. Until then all of the Emirates constituted more or less similar economies. Their main revenue generators for the economy was the fishing industry, collection from customs, pearl merchandise, export of date fruit, livestock and small-scale traders5. In 1962, Abu Dhabi becomes the first emirates in the country to export oil, since then their economy has been transformed. ...Download file to see next pagesRead More
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