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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...

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