Imf forecast of unweighted average prices of brent, wti, and dubai, as of january 2015, from. Pdf diversification and development of the united arab emirates. The travel and tourism industry has been earmarked as a key growth sector for the uae as part of its ambitious economic diversification policy. Nevertheless, the uae is well on its way towards a diversified economy.
According to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447. The opec agreement in november 2016 set a production target for. This tradition of welcoming business and trade goes back to early gulf history, when ships sailed to india and along the coast of east africa as far south as mozambique. United arab emirates gdp growth dips in 2016 as fiscal austerity bites. A comparison of emirati and nonemirati youth in ras al khaimah 11 3 details on the measures used for all the relevant concepts, and a copy of the online questionnaire, are available from the author upon request. Austerity measures weakened business and consumer confi. The property boom is largely driven by megaprojects such as the offshore palm islands.
Statistics according to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447. Uae economic growth set to double news khaleej times. The economy experienced a sudden explosion in gdp in the 1970s and 1980s due to rising oil prices and adverse conditions in the oil market. The statistic shows the united arab emirates uae gross domestic product from 1984 to 2017, with projections up until 2024.
The importance of this sector and its vital role in the national economy are emphasized by the amount of money invested therein, which amounted to aed 45. May 10, 2020 united arab emirates, federation of seven emirates along the eastern coast of the arabian peninsula. With many exciting projects in the pipeline, not least the hosting of expo 2020, the emirate is continuing to build on its reputation as a dynamic and international centre for business. During the period under consideration 19852003, the uae economy1 has grown by over 5% annually. Jul 03, 2019 the revenue per available room of branded hotels in the united arab emirates is about 146 u. The uae has been successfully diversifying its economy, particularly in dubai, but still remains heavily reliant on revenues from petroleum and. United arab emirates gross domestic product 2024 statista. United arab emirates june 2016 united arab emirates. United arab emirates, federation of seven emirates along the eastern coast of the arabian peninsula. The country has experienced significant economic growth. Mar 22, 2020 statistics according to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447.
Iea forecast of unweighted average prices of brent, wti, and dubai, as of january 2015, from iea 2015b. The healthcare sector in the united arab emirates innovation brief no. All indicators currently confirm the stability of the uae economy and its potential to thrive even. Therefore, a special section was devoted under this theme to cover vital statistics which includes births and deaths statistics according to the different. Lower oil prices are eroding longstanding fiscal and external surpluses, but the uae has. Science, technology and innovation higher policy pdf 2mbmocaf.
Chinas central bank cuts interest rate on loans to banks. Growth rates however, varied greatly between emirates. Uae is number one globally in 23 indicators including government decisions. Imarat, is a country in western asia at the northeast end of the arabian peninsula on the persian gulf, bordering oman to the east and saudi arabia to the south and west. Average gdp growth over 2000 to 2006 in the uae was about 8. United arab recent developments emirates monetary policy is.
Diversification and development of the uaes economy munich. The uaes actions are based on a strategy of economic diversification that will yield mitigation and adaptation co. Business conditions deteriorate at record pace in march. Economic uae pest analysis introduction political facebook now. United arab emirates economic indicators moodys analytics. Since then the country has become a major center for oil, commerce, and finance in the region. Industrial city chemaweyaat, which is due for completion in 2015 a. In many respects 2014 marked the transition from strong recovery to promising growth for dubai. Lastly, the paper tries to single out the new business sectors for the diversification and the development of the uae s economy. Consumer prices decline in march for 15th straight month. In 1971, six of these states abu dhabi, ajman, al fujayrah, ash shariqah, dubayy, and umm al qaywayn merged to form the united arab emirates uae. The uae is poised to record an accelerated growth in 2018 to 3. Chained cpi is an alternative measurement that takes into account how consumers adjust spending for similar items.
Structural reforms should aim at further diversifying the economy and. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. In 2015, the sectors total contribution to the countrys gdp was aed3. United arab emirates global economic prospects examines trends for the world economy and how they affect developing countries. Middle east united arab emirates the world factbook. Based on information available at the time of these discussions, the staff report was completed on july 5, 2016. Economy september 2010 uae economic outlook 2010 uae economic outlook 2010 gdp expected to grow in 2010 inflation expected to drop to 0. The uae is an attractive market for foreign enterprises. In 2017, the united arab emirates gdp amounted to approximately 377. Consumer prices decline in february for 14th straight month. In 200809, the confluence of falling oil prices, collapsing real estate prices, and the international banking crisis hit the uae especially hard. The uaes per capita gdp is on par with those of leading west european nations. The uae will remain politically stable in 202024 despite rising regional tensions centred on iran. The international herald tribune has described it as centrallyplanned freemarket capitalism.
Lastly, the paper tries to single out the new business sectors for the diversification and the development of the uaes economy. United arab emirates turning towards knowledge economy. Workforce in the uae the official portal of the uae government. For more than three decades, oil and global finance drove the uae s economy. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. The rate of participation in the female labour force was about 41. The ministry of economy is pleased to launch its comprehensive annual economic report 2016, which contains the latest regional and global economic figures and statistics.
Economic, social, and political attitudes in the uae. May 14, 2018 the united arab emirates uae is a federation of seven states that has grown from a quiet backwater to one of the middle easts most important economic centres. Real gdp growth will pickup in 2020 with the hosting of expo 2020, and higher oil prices. Federal government that made the emirates economy a case of success. The governments decision to diversify from a tradebased but oilreliant economy to one that is service and tourismoriented resulted in the property boom from 20042008. The federation formed in 1971 after british forces withdrew from the persian gulf. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Jan 16, 2017 the travel and tourism industry has been earmarked as a key growth sector for the uae as part of its ambitious economic diversification policy.
The uae is ranked 17 out of 189 in the 201516 world economic forum wef global competitiveness report. This contribution examines the major features of uaes economy, its factors of. Infant mortality rate, 1970 and 2010 per 1,000 live births uae infant mortality rate, 19702010 per 1,000 live births the uae has significantly reduced infant mortality to a rate that is now better than that of the united states 15 6 10 30 25 20 30 5 0 40 35 70 65 67 60 55 50 45 usa united arab emirates 1970. United arab emirates economic forecasts 20202022 outlook. Pdf this contribution examines the major features of uaes economy, its factors of. A statement by the executive director for the united arab emirates. For more than three decades, oil and global finance drove the uaes economy. The united arab emirates economic freedom score is 76. Although dubais economy was initially built on revenues from the oil industry, revenue from petroleum and natural gas currently.
At the same time, births and deaths data are two of the main three essential factors, besides immigration, that directly affect population growth rate and demographic changes in the society. The united arab emirates uae is a country that has scarcity in fresh water resources. Dubai in 2014, supported by a large number of tourists, but the fall in oil prices. The uae is the worlds seventh largest oil producer and the production of crude oil is the most important economic activity. The revenue per available room of branded hotels in the united arab emirates is about 146 u. The uaes economy continues to slow down as a result of low oil prices and fiscal consolidation weighing on nonoil growth. The economy of the united arab emirates or uae is the second largest in the middle east after saudi arabia, with a gross domestic product gdp of usd 414 billion aed 1.
The report provides the financial and technical indicators. Jun 02, 2011 economic uae pest analysis introduction political facebook now. The uae s per capita gdp is on par with those of leading west european nations. The staff report prepared by a staff team of the imf for the executive boards consideration on a lapse of time basis, following discussions that ended on june 4, 2015 with the officials of the united arab emirates on economic developments and policies. The uae has the most diversified economy in the gcc with just under a third of real gdp coming from the hydrocarbons sector. Chinas central bank cut the interest rate it charges on loans to banks by the biggest amount since 2015, as the authorities ramp up their response to the worsening economic impact of the.
Consensus forecasts and eia forecasts for brent price, as of january 2015. Tourisms contribution to dubais economy revealed the. Imf executive board concludes 2015 article iv consultation with united arab emirates on july 29, 2015, the executive board of the international monetary fund imf concluded the article iv consultation 1and endorsed the staff appraisal without a meeting. Groundwater, which contributes to 70% of the total water resources in the country, is a nonrenewable water. We are expecting our national economy to grow by 3% in 2015. The uaes economy slowed last year according to recently released figures from the federal competitiveness and statistics authority fcsa, in line with other countries across the middle east. The uae has one of the most open economies in the world.
The uaes economy, which grew 3 per cent in 2016, is expected to record growth of around 2 per cent for 2017, according to economists polled this month by bloomberg, thanks to a drop in oil. The united arab emirates uae is a federation of seven states that has grown from a quiet backwater to one of the middle easts most important economic centres. The uae continues to be a strategic hub, with businessfriendly free zones and a quickly growing economy. Free zones in the uae 10 economy the uae economy has been transformed from a subsistence economy to one of the most prosperous and highly advanced societies in the world. The uae economy is on track to bounce back to register a growth of 3. Workforce in the uae the official portal of the uae. United arab emirates economy gdp, inflation, cpi and.
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