Before the oil was discovered, the then small population devoted itself to fishing, pearl fishing and trade, and to some extent to agriculture and piracy. Oil was found in 1958 and has been exported since 1962. The known reserves are estimated to amount to 8 percent of the world’s known oil resources and 4 percent of the world’s gas resources.
Oil revenues have financed expansion of other parts of the business sector, and the country now has a well-developed business sector with a large service sector, industries and some agriculture.
Only 0.5 percent of the land is cultivated land. Some oasis and nomadic livestock farming have traditionally dominated the country’s agriculture. Date palms still occupy the largest area, but greenhouse cultivation of vegetables has increased significantly in recent years. During the winter months, the United Arab Emirates is now self-sufficient with vegetables, despite the rapid increase in population. In total, however, about 70 percent of the food requirement is imported. Agriculture is heavily subsidized, and a number of modern facilities have been built. The increased cultivation of vegetables has caused problems with falling groundwater and has caused salting damage. A number of farms have therefore had to be taken out of operation, and in some emirates drilling of new wells has been banned.
The financial and service sectors have grown rapidly, and the United Arab Emirates is one of the world’s most bank-tight areas. In particular, Dubai has invested heavily in becoming a commercial and tourist center, including major construction and infrastructure projects.
The integration between the various emirates is mainly political, while economic cooperation is less developed. Each emirate builds its own industry. However, the smaller emirates are financially dependent on the larger ones. Abu Dhabi is the most economically important emirate. It is also important for cohesion within the United Arab Emirates.
Since oil exports began in the 1960s, the United Arab Emirates has enjoyed a surplus in the trade balance. The war in the region has resulted in the United Arab Emirates having to take over the warring parties’ oil quotas and the country being able to increase its oil exports. Exports mainly consist of oil and oil products, but non-oil-related exports have increased. In oil-poor Dubai, 75 percent of exports consist of products from areas other than the oil industry. However, a large part of this export is transit trade. Imports mainly comprise industrial products, machinery, transport equipment, chemicals and foodstuffs. The United Arab Emirates’ main trading partners are China, India and Iran.
- COUNTRYAAH: Find major trading partners of United Arab Emirates, including major exports and major imports with latest trade value and market share as well as growth rate.
Abbreviated as UAE by abbreviationfinder.org, the United Arab Emirates has long served as an intermediate station for traffic between Europe and South Asia and the Far East. It was not until the latter part of the 1980s that a tourism policy was introduced that allowed the extension of facilities for longer stays. Some of the emirates have recently invested large sums on the tourism industry. Investments that have increased the number of visitors; In 1990, the country was visited by 300,000 tourists, in 1996 by 1.8 million and in 2007 by 6.5 million.
Note: the capital city of United Arab Emirates is Abu Dhabi with a population of 1.1 million (metropolitan area 2014). Other major cities include Dubai with a population of 2.2 million (estimate 2014), Sharjah with a population of 919,000 (estimate 2010).
The main destination is Dubai. Since the late 1990s, the emirate has become a major tourist destination with around 400 luxury hotels, many large shopping centers, golf courses, one of the world’s highest hotels and even indoor ski resorts. In Dubai there are also bazaars with a varied street life and an interesting fishing port with sailing and motor boats in the older model. There are also older buildings, including a palace converted into a museum.
To the United Arab Emirates capital Abu Dhabi still come primarily businessmen. The city is modern and well-managed and the wide avenues are shaded by artificial irrigated alleys, but older buildings are almost completely lacking. During the 00s, Abu Dhabi followed in Dubai’s footsteps and tried to attract tourists; inter alia has created a new island with Formula 1 track and theme park.
- Paulsourcing: Top 10 tips for doing business in United Arab Emirates, covering country profile and market entry requirement.
In particular, in the mid-1970s, Sharja, but also other emirate’s central locations, were almost large fishing villages with primitive Sheikh palaces, all in sun-dried mud, but have now gained international character with new, modern housing areas, palace-like villas for the ruling family and modern bazaars. large hotel. Also of interest is the very modern settlement of al-Ayn, an oasis town in the desert on the border with Oman, as well as the scenic coast to the east, towards Oman Bay, which is frequented today by a large number of tourists.