This website uses cookies to ensure you have the best experience. Learn more

The Uae; Economic Diversification Essay

1092 words - 5 pages

Since 1974, the United Arab Emirates has been one of the world’s largest producers and distributors of crude oil. They are second only to Saudi Arabia, and oil profits make up over 25% of the country’s annual income (CIA World Factbook). Before oil was discovered in the 1950’s, the United Arab Emirates’s economy was reliant upon few other resources. But when these resources started to run out, the UAE’s economy experienced a small crash, resulting in major job loss. The government is now aiming to avoid a similar outcome by decreasing it’s reliance upon few resources, and creating jobs outside of oil businesses. Their efforts have been sufficient, as they have been able to take advantages of opportunities in construction, banking, and most significantly, tourism (BBC). at the rate which their economy is expanding, the United Arab Emirates’s move to decrease their dependence on oil profits will be successful. By the end of 2018, tourism will be the next big business.
Before oil was discovered in the 1950’s, and the UAE was still under the control of Britain after the Sykes-Picot agreement, the primary exports were fish and pearls (BBC). Fishing is still a major resource, but when pearling started to go under, the UAE’s economy experienced a small crash, and many people were left without jobs. Learning from this, once oil was discovered, the government knew that it would need to diversify its economy if it was to avoid encountering a similar problem. attempts at other sources of income have been construction, tourism, transportation, shipbuilding, and banking. Up until 2009, all of these businesses advanced until the country’s economy tripped up again and the demand for construction started to decline. The government decided to increase cash flow through the country by promoting spending on bank shares and real estate. Then, real estate sales started to decline in Dubai. Subsequently, abu Dhabi was able to loan ten billion dollars to the emirate, stabilizing its economy (CIA World Factbook). Then, tourism was discovered as a source of income (BBC). The Emirates’ could expand their economic repertoire even further by opening up to the thousands of tourists wanting to see their country. The UAE’s economic diversification has so far been successful, and lead to the creation of many new structures and businesses, such as a new port in abu Dhabi, and the construction of the Burj Khalifa in Dubai (BBC). after an economic crash in 2009 (CIA World Factbook), the country’s construction businesses weren’t quite able to stay afloat, but thanks to the booming tourism business, the UAE’s economy was able to survive.
Recently, a port was built in abu Dhabi to increase the ease of exportation and travel to neighboring countries by water. The construction of this port, as with other structures such as the Burj Khalifa in Dubai, have created many new jobs. These jobs outside of oil are extremely important to the economy of the UAE. 85% of the Emirati workforce...

Find Another Essay On The UAE; Economic Diversification

Comparing Between Health Care System in UAE and UK

1077 words - 4 pages Health is one of our top priorities in life, and it is really important to take care of it, Simply because there will be no civilizations without the presence of strength in humans, and the strength comes only from Health, that is why every country in the world seeks to increase the health state of their residents, by developing their health care system. In this research you will find a comparison between the health care system in the UAE and

Motives of the Renewable Energy Policies in Resource Rich and Non-Democratic Countries

1625 words - 7 pages this precondition could be seen as achieved. Fouquet (2013) examines the other requirements for a successful long term project as a stable political framework and well-tailored financial, technical and administrative support systems. Al-Amir and Abu-Hijleh (2013) emphasizes political aspects that recommend diversification of resources to produce energy in the United Arab Emirates (UAE). In order to evaluate the best practices, the authors

Work Transition to the United Arab Emirates

2359 words - 10 pages Diversity has made the United States what we look at today as a great nation with greater opportunities. In that same mentality, a business only becomes greater by including diversification, not only within the United States, but diversifying throughout the world. As our organization ventures out to the United Arab Emirates (UAE), we have to make the move as smooth and educated as possible. Whenever a company enters the international market

Money Laundering in the United Arab Emirates

1628 words - 7 pages issue of remittances made through the Hawala system. There are numerous economic and social contributions of the Hawala system, that prevent the UAE central bank from criminalizing the money transfer system in the desire to address the evil aspects that have been associated with the unconventional and opaque nature of the money transfer system. The concerns raised with regards the Hawala system are its vulnerabilities to potential abuses by

Hooters in Dubai

5161 words - 21 pages are already present in the UAE, and many more can be accommodated. Hence, there are many opportunities available in the fastest growing market on Earth.International marketing continues to be motivated by economic as well as other objectives. Therefore it is important for the international business to recognize that the world is seen as market segmented by social and cultural, legal, economic, political and technological groupings. Social and

Why do females migrate to work as maids?

1608 words - 6 pages Trade p.12). Domestic workers, work in the private sphere, in a gendered section of the labour force. Domestic workers in the US are more often than not devalued, overworked, under paid and in some cases are physically and verbally abused, only to facilitate the economic success of their professional employers. Illegal domestic workers often face the worst oppression due to there visa -status. ‘Author’ (Housework, Feminism, and Labor Activism

United Arab Emirates: Education and Culture

2024 words - 8 pages students’ performances needs an improvement and they need to expand their curriculum to be able to compete at the world stage in other aspects other than oil (United Arab Emirates (UAE)). Another issue in the culture of UAE comes with the health of the nation, with the leading cause of death being cardiovascular issues with around 28% of the deaths in the nation. In an attempt to solve the health issues, they began making health insurance

review

1878 words - 8 pages Sheikh Khalifa Bin Zayed and his father Sheikh Zayed Bin Sultan before him included policies that have turned UAE into a sustainable country economically and politically. Since UAE’s independence in 1971 it has attained extraordinary socio-economic growth rates, excelled in all sectors beyond other expectations (Hassan,2012). Moreover, UAE urban setting creates clear division between the expatriates and the UAE citizen. Even when UAE especially

Constructing The Burj Khalifa Skyscraper

976 words - 4 pages When Sheikh Mohammed gave the green light to his project managers to construct the Burj Khalifa, a Dubai skyscraper 40 percent taller than the world tallest building, it became fairly apparent that the Sheikh had some big global ambitions for his oil rich bit of turf, the United Arab Emirates (UAE). While the Burj may be reaching for the Arabian stars another manmade construction was already well underway in the UAE, a fiscal paradise. Indeed

Dubai creates its own History

978 words - 4 pages ‘astonish the world’ and this is an indication that UAE officials are equal to the task of overcoming some of these negative perceptions about the region as being an appropriate destination for expo 2020.Some analysts have warned that if the world expo is held in Dubai in 2020, then there is a possibility that it will result into property bubble and this will have negative consequences in terms of economic downturn. To sum up expo 2020 will be held in

Botswana's Economy Depends on Diamond Mining

1366 words - 5 pages diamond revenue. Therefore in 2010 the Economic Diversification Drive was borne in an effort to come up with ways of diversifying the country’s economy. According to the Economic Diversification Drive Strategy of Botswana, “Economic diversification means diversifying a country’s sources of economic growth and income in such a way that the country becomes more or less equally dependent on all sectors of the economy.” This means that an economy is

Similar Essays

Report On The United Arab Emirates

2546 words - 10 pages UAE has worked towards building their accumulation of external financial assets, with Abu Dhabi taking the lead on managing the country’s oil wealth and Dubai’s push for economic diversification. The UAE government is in the form of a monarchy with the president of the UAE and ruler of Abu Dhabi, Sheikh Khalifa as the chief of state. The rulers of each of the seven emirates belong to Al Nahyan clan of Abu Dhabi and the Al Maktoum clan of Dubai

Economic Analysis Of The United Arab Emirates

2272 words - 9 pages , including commercial and business disputes. 2. Economy A. Macro-Economic Trends The UAE is one of the riches nations in the world as measure by per capita GNP. The economy is primarily based on the oil and gas commodities and that tends to cause it to fluctuate with the commodity prices. Figure 1 below gives recent economic indicators. The UAE has seen a steady rise in their GDP which has been driven mainly by the high demand and prices

Immigration To Uae Essay

2440 words - 10 pages employees settling down in the UAE. Introduction Over the last 30 decades, UAE has advanced continuously on the path of development and growth, powered by an oil rich economic system. For a nation like the UAE, city development is a major concern of policymakers, organizers, ecological supporters and public authorities. The nation ratings great on growth indices recently due to unmatched financial development, great per household income and

The Risks That International Works Present To The United Arabic Emirates (Uae) Nationwide Security

2267 words - 10 pages employees settling down in the UAE. Introduction Over the last 30 decades, UAE has been advancing continuously on the path of development and growth, powered by an oil rich economic system. For a nation like the UAE, city development is a major concern of policymakers, organizers, ecological supporters and public authorities. The nation ratings great on growth indices recently due to unmatched financial development, great per household income