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 uae ministry of economy has said that the value of the uae s nonoil foreign trade reached dh1. Economic momentum likely ebbed further in q1 2020 amid coronavirusrelated disruption, after decelerating for two consecutive quarters in 2019. The uae is ranked 17 out of 189 in the 2015 16 world economic forum wef global competitiveness report. The burgeoning islamic economy is growing at nearly double the global rate. Underscoring the uae s emergence as a hub for business, the global entrepreneurship and development institute recently named the uae the top country for entrepreneurs in the. The issue of economic diversification should be viewed from. The freelance economy and workforce system meet in the.
Table 2 united arab emirates macro outlook indicators annual percent change unless indicated otherwise 2014 2015 2016 e 2017 f 2018 f 2019 f real gdp growth, at constant market prices 3. Uae economic diversification efforts continue to thrive. We are expecting our national economy to grow by 3% in 2015. The internet economy in the g20 boston consulting group. Uaes best and worst fuel economy cars uae gulf news. Workforce in the uae the official portal of the uae. All indicators currently confirm the stability of the uae economy and its potential to thrive even. Developing economies exports to developed economies and cis. 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. Abu dhabi, ajman, al fujayrah, dubai, ras al khaymah, sharjah, and umm al qaywayn. United arab recent developments gres and higher fees. January 14, 2015 2 economics united arab emirates january 14, 2015 uae economic performance sources. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and the uae, providing constant guidance, advice and practical support to both buyers and suppliers. Until 1966, the uae known then as the trucial states used the gulf rupee, which was issued by the government of india and the reserve bank of india.
Uae s economy at present is recovering from a downfall and diversifying it in different sectors to enhance growth, expecting a gdp of 2. The duration of the outbreak and its impact on global travel and trade present considerable downside risk to the outlook. For 2015, a serious decrease of the trade and current account balances is expected together with a budget deficit of approximately 5% of gdp. The improvement will be principally about iran and saudi arabia, with a. 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. After that, the northern emirates used the qatar dubai riyal, and abu dhabi used the bahraini dinar. The rate of participation in the female labour force was about 41. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and the uae, providing constant guidance, advice and practical support to both. Economic diversification is a process of broadening the range of economic activities both in the production and distribution of goods and services. The banking industry in the uae the banking sector in the uae is quite fragmented, with the market currently being served by 23 domestic banks and 28 foreign banks. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Dubai has bounced back from the crisis, which saw its economy contract by around 2.
Middle east, is a quarterly economic forecast for the region prepared directly for the finance profession. United arab emirates economic growth economic growth is expected to decelerate this year on a weaker oil sector, while the nonoil sector is also expected to contract. United arab emirates economic forecasts 20202022 outlook. Such contribution includes banking, tourism, commerce and. The ministry of economy is committed to providing effective channels for its customers to enhance transparency and raise the level of services. Launch uae futures challenge for students to design solutions for the future predicted issues. The united arab emirates economic freedom score is 72.
We aim to provide a comprehensive overview of the strategies. It does not necessarily entail increase in output but it enhances stabilisation of economies by diversifying their economic base. Following a strengthening of uae real gdp growth to 5. Therefore, a special section was devoted under this theme to cover vital statistics which includes births and deaths statistics according to the different.
By the year 2021, the uae will benefit from a sustainable and diversified economy, flexible in adopting new economic models, and capitalising on global economic partnerships to guarantee longterm prosperity for current. United arab emirates, july 2007 2 centuries afterward was embroiled in dynastic disputes. Most uae nationals are descended from two tribal groupings, the qawasim and the bani yas, which emerged as leading powers in the eighteenth century. The country is a federation made up of seven emirates. Economic diversification for sustainable development in. Abu dhabi is coming up with new 26 infrastructure projects in 2010 which all need construction based machinery, which can be considered as a biggest opportunity for. 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. Banks incorporated in abu dhabi and dubai hold the lions share of total domestic assets. Imf, bank audis group research department the emirates current macroeconomic performance and nearterm outlook remain favorable. The middle eastern economy is expected to recover in 2020, following whats shaping up to be the weakest performance on record this year. Pdf transforming the united arab emirates into a knowledge. Developing dubais debt market to promote investment and. According to the third edition of the global islamic economy indicator giei.
The team found that there exist very little data relevant to their focus. Economy profile of united arab emirates doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company. Today the uae is more than an economy based on oil and gas. The uae became an independent state in 1971, with the establishment of its formal economic, social, and political institutions. Uae s best and worst fuel economy cars as fuel prices go up, xpress gives the lowdown on which cars could be your best bet published. The article one of the constitution provides that the union consists of the following emirates abu dhabi, dubai, sharjah, ajman, umm al quwain, fujairah, and it is allowed for any independent arab country to join the union, once approved by the supreme council of the federation at a unanimous consensus. The freelance economy and workforce development the bay area ctwp partners started their work by scanning national data on 1099 digital work freelancers, looking for data sources that could account for the dynamics of contracting in a hightechnology economy. The uae is an attractive market for foreign enterprises. United arab emirates economy gdp, inflation, cpi and. The united arab emirates economic freedom score is 76. The uae has the worlds third highest gdp per capita in purchasing power parity terms. It is expected to grow by around 5% this year, as it did last year.
In concluding the 2015 article iv consultation with the united arab emirates, executive directors endorsed staffs appraisal, as follows. Deloitte gcc powers of construction 2015 construction. Announces an expansionary budget for 2016 planned government spending increases by 12% dubai has announced an expansionary budget for 2016, with planned government spending at aed46. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. Lower oil prices have increased macrofinancial stability risks. Uae economic diversification efforts continue to thrive in 2015, 70 percent of the uae s gdp came from nonoil sectors, including media, telecom, tourism, manufacturing and commercial aviation. The united arab emirates is a united, independent state. Dubai was the first to establish islamic banks worldwide with the opening of dubai islamic bank dib back in the 1970s, in addition to having the dubai financial market dfm, which is the first global sharia compliant exchange. Library of congress federal research division country profile. Development for sustained economic growth the tale of a visionary emirate construction csuite survey a ksa infrastructure boom absorbing the economic impact the changing focus of airport investment the facilitator of economic progress gcc building materials industry set to be challenged by the emerging trends in 2015 developing debt and.
Credit to the economy continued to recover with banks well capitalized and liquid, while stock markets declined following the oil price plunge. Creating and maintaining a sustainable and diversified economy is a component of united in knowledge, a pillar of vision 2021. United arab emirates global economic prospects examines trends for the world economy and how they affect developing countries. It is based on the information available at the time it was completed on june 11, 2014. Enhance the future foresight in the organization as a. The strategies created by abu dhabis economic vision 2030, dubais strategic plan 2015 and the. Current strengths and weaknesses of the uae economy. In view of the ambitious outlook of the economy and. Over the past years, the uae has witnessed sustained economic growth and made great strides in. Fiscal consolidation efforts in the emirates began in 2015 and continued at a slower. Statistics according to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447.
The question is whether it has found a more solid underpinning for its growth. Prudent economic policies, progress in economic diversification, and the safehaven status of the uae have helped build. The imf ascribed uaes potentially strong economic growth in world economic outlook report to the increased contribution of nonpetroleum sectors, which registered a growth average of more than 6% in 2014 and 2015. The imf expects uae s economic growth to be largely limited to 3. The abu dhabi and dubai sovereign wealth funds have recorded lower returns 3 percent yoy fall in 2015 net profits resulting from global volatility. The banking industry in the uae deloitte united states. Do not print and file copy a downloaded from this website. Uae s gdp has now exceeded 1 trillion dirhams, from 11 billion dirhams in 1973, depicting a rate of economic expansion that has exceeded even that of singapore. Economic indicators for the united arab emirates including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for the united arab emirates 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 tourism promotional film presents uae as an alchemy of seven destinations, highlighting major.
1464 1566 220 516 216 848 569 1536 563 1567 96 15 1566 646 11 505 585 1291 679 386 437 1543 920 264 955 292 1279 387 1353 1167 623 989 962 1136 1404 749 461 1224 1487 242 39 859 578 1020 1052