Introduction to UAE

It is essential to know that UAE is a rapidly diversifying society that has successfully integrated its core Islamic values into its ambitious economic agenda. The country’s impressive economic performance sent the gross domestic product (GDP) rising to 29.32% in 2006 at current prices, reaching about $168.5 billion. The economy of the United Arab Emirates (or UAE) is the 5th largest in the Middle East (after Iran, Saudi Arabia, Turkey, and Egypt), with a gross domestic product (GDP) of US$501 billion (AED 1.84 trillion) in 2022. This economic prosperity, coupled with a liberal business and social environment, ensures that people from nearly every country in the world will continue to come here to live, work and play.

 

UAE lies on the southeastern tip of the Arabian Peninsula, bordered by Saudi Arabia to the south and west and the Sultanate of Oman to the southeast, while Qatar lies to the northwest. Abu Dhabi is the largest Emirate in the United Arab Emirates, occupying 84% of the nation's land. It has 200 islands and a 700-km-long coastline. Its total area is 67,340 square kilometres, and Abu Dhabi City is the federal capital of the UAE. The total expat population, mainly comprising Asian, African and European nationals, is close to 8.84 million, which constitutes approximately 89% of the population. Emiratis or UAE nationals are only 11% or 1.15 million today. It must be noted that  Abu Dhabi and Dubai emirates comprise over two-thirds (67%) of the country’s total population. The population ratio is also significantly skewed towards the urban zones, which host 82% of the country’s residents.

 

The UAE was formally established in December 1971, following an agreement between rulers of the seven emirates or sheikhdoms to form a union. These emirates are Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah (which joined the union in early 1972), and Fujairah.

 

Future Of The United Arab Emirates

With most of the emirates exporting oil products, the economy of the UAE has developed tremendously over the last decade, and it is now the second-largest economy in the Arab world after Saudi Arabia. The UAE has already laid down future energy plans to maintain its economy. By the year 2050, this country aims at producing 44% clean energy, 38% gas, 12% coal, and 6% nuclear energy. An economy is pegged on energy production, with stable and clean energy by 2050. The UAE will be one of the most stable economies in the world.