Announces an expansionary budget for 2016 planned government spending increases by 12% dubai. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. Oil production is also forecast to increase substantially in 2014 2015, reaching 2. Lastly, the paper tries to single out the new business sectors for the diversification and the development of the uaes economy. Uae ministry of climate change and environment green development department po box 1509, dubai, united arab emirates. Uae economic diversification efforts continue to thrive.
The main aim of the project is to discuss the past, present and the future of the economy of uae for the past 20 years of time. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. They are far behind other countries, especially those in. Uae economic growth set to double news khaleej times. The real gdp growth rate of the uae s nonoil sector is forecasted to be at 5. 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. Current strengths and weaknesses of the uae economy. The long run effects of oil prices on economic growth. United arab emirates economic forecasts 20202022 outlook. The uaes political system continues to be defined by the traditional patriarchal style of leadership that is comprised of political loyalties structured around the countrys various tribal elements.
This is one of the fastest growing us economic partnerships, globally and especially in the gulf. After outpacing the rest of the gcc in economic growth in 2017, the uae is set to almost double its expansion rate in 2018, the latest report by a panel of economists reveals. Recent research conclude that the gcc economies have failed to address the oil curse. Credit to the economy continued to recover with banks well capitalized and liquid, while stock markets declined following the oil price plunge. Over the past years, the uae has witnessed sustained economic growth and made great strides in. Average gdp growth over 2000 to 2006 in the uae was about 8. Saudi arabia has a lot of oil reserves and many seaports for international trade.
All suggestions for corrections of any errors about united arab emirates economy 2020 should be addressed to the cia or the source cited on each page. The uae continues to be a strategic hub, with businessfriendly free zones and a quickly growing economy. Uae s economy at present is recovering from a downfall and diversifying it in different sectors to enhance growth, expecting a gdp of 2. United arab recent developments emirates monetary policy is. 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. Emirates uae economics essay in less than four decades, the united arab emirates, a relatively young country, changed from a huge desert to a country that is known today as one of the best in the world to live in. Financial sector development for promoting investment and sustainable growth in dubai 11 the dubai economic council dec would like to extend its sincere thanks and appreciation to deloitte corporate. Swiss franc and the japanese yen in 2015, the dollar will return to strengthen. Diversification and development of the uaes economy munich. To respond to the risks of climate change by reducing the greenhouse gases caused by the production and use of energy. The total contribution of the travel and tourism sector to the uae s gdp was aed 159. United arab emirates june 2016 united arab emirates. No claims are made regarding the accuracy of united arab emirates economy 2020 information contained here.
This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. The fiveyear average gdp growth rate had been expanding at a healthy 3 percent until the. The uae is the worlds seventh largest oil producer and the production of crude oil is the most important economic activity. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. The country has experienced significant economic growth. Welcome to the first edition of the uae state of green economy report. Can the uae avoid the oil curse by economic diversification. United arab emirates economy 2020, cia world factbook. Between 2012 2015, gdp growth in the uae is expected to rise even further to an average of 5. Uae gdp growth has averaged about 5% per annum, but has oscillated from negative to positive throughout the years as. Financial sector development for promoting investment and. The united arab emirates economic freedom score is 76. The uae s per capita gdp is on par with those of leading west european nations.
International monetary fund imf expected uaes economic growth to increase to 4. Science, technology and innovation higher policy pdf 2mbmocaf. 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. In many respects 2014 marked the transition from strong recovery to promising growth for dubai. Gla economics provides expert advice and analysis on londons economy and. The uae economy has proven its resilience and ability to sustain growth despite. United arab emirates economy, politics and gdp growth.
Since the discovery of oil in the united arab emirates uae more than 40 years ago, the country has undergone a profound transformation to a modern state with a high standard of living. United arab emirates economic indicators moodys analytics. United arab recent developments gres and higher fees. The condition of this country before and after the discovery of the oil has changed a lot. Abu dhabi and dubai are the two largest emirates out of the seven and the only significant regions driving the uae s economic. Workforce in the uae the official portal of the uae. Austerity measures weakened business and consumer confi. Beyond 2017, overall gdp growth is expected to recover to 2.
Uae state of green economy report 2017 summary 18 19 uae state of green economy report 2017 summary download the full version of this report for further information or for provision of feedback, please write to. Maximize energy productivity of uae economy and ensure happiness of the residents of uae. Open data uae ministry of climate change and environment. 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.
Provisional data released by the federal competitiveness and statistics authority shows that the uae economy grew 3. Although dubai has traversed some challenging economic territory over recent years the economic stimulus of expo 2020 preparation and more stable oil prices have eased this strain in 2019, and. This theme contains data about the population size of the emirate according to the population censuses conducted during the period 19752005 along with population estimates for the period after 2005. Employment and employee benefits in the united arab. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. In 2015, the uae government injected aed300 billion to foster a knowledge economy, driven by innovation to prepare the uae for a world after oil. Uae economy is not perfect as yet and is still not the number one economy of middleeast. 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 imf expects uae s economic growth to be largely limited to 3. The report includes countryspecific threeyear forecasts for major. United arab emirates economy gdp, inflation, cpi and. 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.
Specifically, construction sector as a percentage of gdp of the uae reached 10. The uaes economy continues to slow down as a result of low oil prices and fiscal consolidation weighing on nonoil growth. Dubai competitiveness office was established under the umbrella of the department of economic development in dubai, to manage the emirate competitiveness affairs through the coordination with. The uae economy is estimated to grow at a solid pace of around 4. Gres represent a large share of the uae economy and played an important role in its economic diversification. Trade, economy and investment monitor report foreign trade. Nevertheless, the uae is well on its way towards a diversified economy. The abu dhabi and dubai sovereign wealth funds have recorded lower returns 3 percent yoy fall in 2015 net profits resulting from global volatility.
Underscoring the uae s emergence as a hub for business, the global entrepreneurship and development institute recently named the uae. With a favorable tax environment and a rapidly growing economy, the united arab emirates uae, has transformed over the years to become an attractive market for businesses from around the world. The main law that regulates the employment relationship in the uae is law no. Coronavirusrelated economic disruptions are the key risks to the outlook. Today the uae is more than an economy based on oil and gas. Tourism and economy the official portal of the uae. 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. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. The economy of the united arab emirates or uae is the second largest in the middle east. Industrial city chemaweyaat, which is due for completion in 2015 a. Low oil prices have prompted the uae to cut expenditures, including on some social programs, but the uae has sufficient assets in its sovereign investment funds to cover its deficits. Global competitiveness index 201415, 22nd in the 2015 east of doing business. The economy continues to experience a slowdown in economic growth as a result of low oil prices.
Lower oil prices are eroding longstanding fiscal and external surpluses, but the uae has. Oec united arab emirates are exports, imports, and. Apr 20, 2016 the uae economy has been relatively resilient to the impact of the slump in oil prices as it has benefited from a relatively diversified economy, excellent infrastructure, political stability and ample foreign assets. The uae economy has proven its resilience and ability to sustain growth despite such pressures and economic difficulties.
The national is the middle easts leading englishlanguage news service bring you the latest news, opinion and features from the region and internationally. This contribution examines the major features of uaes economy. The uae will remain politically stable in 202024, despite regional tensions centred on iran. Abdulla mohammed al awar, ceo of dubai islamic economy development centre, told obg, the 2015 state of the global islamic economy report reiterates our commitment to nurture a knowledgebased islamic economy in the emirate and the uae as part of our aim to develop dubai as the capital of the islamic economy. The uaes dependence on oil is a significant longterm challenge, although the uae is one of the most diversified countries in the gulf cooperation council. On the federal level, the supreme council, comprised of the rulers of each of the seven. Uae economy uae business environment uae key areas of development. United arab emirates gdp growth dips in 2016 as fiscal austerity bites. Statistics according to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447. The economy of the united arab emirates has slowly been climbing the ranks of the mostly free since 20. We strive towards integrated management for environment ecosystem and natural resources to realize green economy for the present and future. The united arab emirates uae is a federation of seven different emirates which together comprise the third largest economy in the middle east, after saudi arabia and iran.
This growth was for a large extent driven by income from oil and gas resources. United arab emirates global economic prospects examines trends for the world economy and how they affect developing countries. What global companies need to know about uae payroll. Oil production in million barrels per day, 2005m12015m3. 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. Global economy report 2015 best consumer digital bank uae. It has maintained its position as the second largest economy in the arab world and one of the most important regional destinations for trade, investment and economic. Uae weathers challenges abu dhabi has been not idle in the face of lower oil prices, continuing to cut spending and to consolidate key sectors of the economy the business. In fact, the uae did not pass through the hypothetical stages that most developed countries seem to have experienced2. Access the latest politics analysis and economic growth summary through 2011 for united arab emirates from the economist intelligence unit united arab emirates economy, politics and gdp growth. It has to strive hard in order to be more competitive in the region. The uae is the united states number one export market in the middle east region a distinction the uae has held for eleven straight years.