UAE

United Arab Emirates

UAE

Prior to the first exports of oil in 1962, the United Arab Emirates economy was dominated by pearl production, fishing, agriculture, and herding. Since the rise of oil prices in 1973, however, petroleum has dominated the economy, accounting for most of its export earnings and providing significant opportunities for investment. The UAE has huge proven oil reserves, estimated at 98.2 billion barrels (16 km³) in 1998, with gas reserves estimated at 5.8 km³. At present production rates, these supplies would last well over 100 years.

Recently, the Emirate of Dubai has started to look for other sources of revenue. High-class tourism and international finance are the new sectors starting to be developed. In line with this, the Dubai International Financial Center was announced, offering 100% foreign ownership, no tax, freehold land and office space and a tailor-made financial regulatory system with laws taken from best practice in other leading financial centers like New York, London, Zurich and Singapore.

Recent liberalization in the property market allowing non citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments such as the 2 palm islands, the World, Dubai Marina, Jumeirah Lake Towers, and a number of other developments, offering villas and high rise apartments and office space with the latest communications infrastructure to service them. Many of the world's leading companies have now set up shop in Dubai.

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Its wealth is based on oil and gas output (about 33% of GDP), and the fortunes of the economy fluctuate with the prices of those commodities. Since 1973, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up its utilities to greater private-sector involvement.

Total GDP: $184.3 billion (2008 est.)

GDP Growth Rate: 7.4% (2008 est.)

GDP Per Capita: $39,900 (2008 est.)

Population: 4,798,491 (July 2009 est.)

Population Growth Rate: 3.689% (2009 est.)

Fertility Rate: 2.42 children born/woman (2009 est.)

Age Structure:

0-14 years: 20.4% (male 500,928/female 478,388)

15-64 years: 78.7% (male 2,768,030/female 1,008,404)

65 years and over: 0.9% (male 27,601/female 15,140)

(2009 est.)

Source: CIA World Factbook