Growth in United Arab Emirates Economy

United Arab Emirates consists of seven states namely Dubai, Abu Dhabi, Sharjah, Ras Al Khaima, Umm Al Quwain and Fujairah. Amongst these states it is Dubai which contributes a major portion towards the United Arab Emirates economy.

Economically it has been observed that Dubai is amongst the biggest exporters for oil. With the oil industry as its backbone Dubai has contributed around US $37 billion towards the economy of United Arab Emirates. As per reports today Dubai is rated as the 33rd richest city in the world.

Highlight – Dubai:

The oil industry which was considered as the main source of Dubai’s income now just contributes around 6% towards United Arab Emirates GDP. Today Dubai is mainly involved in transforming the country into a business port and a trade center.

There are a lot of western investors who are interested in setting up businesses here. There are free zones available for business visitors so that they can set up some specific industries there. This place is also considered as the largest financial market and banking sector.
Contributing Factors towards the economy:

United Arab Emirates has approximately 10% of oil and 4% of gas reserves out of the world’s reserves. This is one of the major factors contributing in overall economy of United Arab Emirates. Recently the tourism industry has also significantly contributed towards United Arab Emirates economy.

Many projects such as bridges, airports and numerous infrastructural developments have been planned which will definitely attract more and more business visitors as well as tourists. Real estate is another factor contributing to the UAE GDP. Many investors are now interested in properties here.

Especially after the recession they consider this as the safest option available than any other.
The UAE economy is basically strong and growing because of its oil reserves, real estate options, tourism industry and mainly foreign investments.