Developing economies exports to developed economies and cis. Pdf transforming the united arab emirates into a knowledge. Abu dhabi is coming up with new 26 infrastructure projects in 2010 which all need construction based machinery, which can be considered as a biggest opportunity for. Imf, bank audis group research department the emirates current macroeconomic performance and nearterm outlook remain favorable. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. January 14, 2015 2 economics united arab emirates january 14, 2015 uae economic performance sources.
The economy of the united arab emirates or uae is the second largest in the middle east after saudi arabia, with a gross domestic product gdp of usd 414 billion aed 1. The rate of participation in the female labour force was about 41. The article one of the constitution provides that the union consists of the following emirates abu dhabi, dubai, sharjah, ajman, umm al quwain, fujairah, and it is allowed for any independent arab country to join the union, once approved by the supreme council of the federation at a unanimous consensus. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. The freelance economy and workforce system meet in the. Dubai has bounced back from the crisis, which saw its economy contract by around 2. Free zones in the uae 10 economy the uae economy has been transformed from a subsistence economy to one of the most prosperous and highly advanced societies in the world. Economic diversification for sustainable development in. In view of the ambitious outlook of the economy and. The economy experienced a sudden explosion in gdp in the 1970s and 1980s due to rising oil prices and adverse conditions in the oil market. Creating and maintaining a sustainable and diversified economy is a component of united in knowledge, a pillar of vision 2021. Current strengths and weaknesses of the uae economy.
The freelance economy and workforce development the bay area ctwp partners started their work by scanning national data on 1099 digital work freelancers, looking for data sources that could account for the dynamics of contracting in a hightechnology economy. United arab emirates economy gdp, inflation, cpi and. Launch uae futures challenge for students to design solutions for the future predicted issues. United arab recent developments gres and higher fees. Until 1966, the uae known then as the trucial states used the gulf rupee, which was issued by the government of india and the reserve bank of india. It is expected to grow by around 5% this year, as it did last year.
The banking industry in the uae deloitte united states. United arab emirates global economic prospects examines trends for the world economy and how they affect developing countries. After that, the northern emirates used the qatar dubai riyal, and abu dhabi used the bahraini dinar. Announces an expansionary budget for 2016 planned government spending increases by 12% dubai has announced an expansionary budget for 2016, with planned government spending at aed46. Library of congress federal research division country profile. The uae tourism promotional film presents uae as an alchemy of seven destinations, highlighting major. Lower oil prices have increased macrofinancial stability risks. The ministry of economy is committed to providing effective channels for its customers to enhance transparency and raise the level of services. Do not print and file copy a downloaded from this website. Uaes best and worst fuel economy cars uae gulf news. Deloitte gcc powers of construction 2015 construction.
Banks incorporated in abu dhabi and dubai hold the lions share of total domestic assets. All indicators currently confirm the stability of the uae economy and its potential to thrive even. Underscoring the uae s emergence as a hub for business, the global entrepreneurship and development institute recently named the uae the top country for entrepreneurs in the. Economic diversification is a process of broadening the range of economic activities both in the production and distribution of goods and services.
Over the past years, the uae has witnessed sustained economic growth and made great strides in. The united arab emirates economic freedom score is 72. Workforce in the uae the official portal of the uae. Today the uae is more than an economy based on oil and gas. 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. Prudent economic policies, progress in economic diversification, and the safehaven status of the uae have helped build.
We aim to provide a comprehensive overview of the strategies. The uae has the worlds third highest gdp per capita in purchasing power parity terms. 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. The strategies created by abu dhabis economic vision 2030, dubais strategic plan 2015 and the. Middle east, is a quarterly economic forecast for the region prepared directly for the finance profession. Developing dubais debt market to promote investment and. Enhance the future foresight in the organization as a. It is based on the information available at the time it was completed on june 11, 2014. The uae is ranked 17 out of 189 in the 2015 16 world economic forum wef global competitiveness report. 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.
By the year 2021, the uae will benefit from a sustainable and diversified economy, flexible in adopting new economic models, and capitalising on global economic partnerships to guarantee longterm prosperity for current. The issue of economic diversification should be viewed from. The united arab emirates economic freedom score is 76. At the same time, births and deaths data are two of the main three essential factors, besides immigration, that directly affect population growth rate and demographic changes in the society. The united arab emirates is a united, independent state.
The imf ascribed uaes potentially strong economic growth in world economic outlook report to the increased contribution of nonpetroleum sectors, which registered a growth average of more than 6% in 2014 and 2015. Uae s economy at present is recovering from a downfall and diversifying it in different sectors to enhance growth, expecting a gdp of 2. Abu dhabi, ajman, al fujayrah, dubai, ras al khaymah, sharjah, and umm al qaywayn. Most uae nationals are descended from two tribal groupings, the qawasim and the bani yas, which emerged as leading powers in the eighteenth century. Dubai was the first to establish islamic banks worldwide with the opening of dubai islamic bank dib back in the 1970s, in addition to having the dubai financial market dfm, which is the first global sharia compliant exchange. It does not necessarily entail increase in output but it enhances stabilisation of economies by diversifying their economic base. The abu dhabi and dubai sovereign wealth funds have recorded lower returns 3 percent yoy fall in 2015 net profits resulting from global volatility. Uae s best and worst fuel economy cars as fuel prices go up, xpress gives the lowdown on which cars could be your best bet published. The country is a federation made up of seven emirates. The burgeoning islamic economy is growing at nearly double the global rate. The duration of the outbreak and its impact on global travel and trade present considerable downside risk to the outlook. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and the uae, providing constant guidance, advice and practical support to both buyers and suppliers. United arab emirates, july 2007 2 centuries afterward was embroiled in dynastic disputes. Following a strengthening of uae real gdp growth to 5.
The team found that there exist very little data relevant to their focus. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and the uae, providing constant guidance, advice and practical support to both. The banking industry in the uae the banking sector in the uae is quite fragmented, with the market currently being served by 23 domestic banks and 28 foreign banks. United arab emirates economic forecasts 20202022 outlook. In concluding the 2015 article iv consultation with the united arab emirates, executive directors endorsed staffs appraisal, as follows. United arab emirates economic growth economic growth is expected to decelerate this year on a weaker oil sector, while the nonoil sector is also expected to contract.
Credit to the economy continued to recover with banks well capitalized and liquid, while stock markets declined following the oil price plunge. The uae is an attractive market for foreign enterprises. The middle eastern economy is expected to recover in 2020, following whats shaping up to be the weakest performance on record this year. Fiscal consolidation efforts in the emirates began in 2015 and continued at a slower. Economic indicators for the united arab emirates including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for the united arab emirates economy. Uae economic diversification efforts continue to thrive. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report.
The question is whether it has found a more solid underpinning for its growth. Statistics according to the annual economic report 2018 pdf, 540 kb, the total labour force in the uae in 2017 was 6447. Economic momentum likely ebbed further in q1 2020 amid coronavirusrelated disruption, after decelerating for two consecutive quarters in 2019. For 2015, a serious decrease of the trade and current account balances is expected together with a budget deficit of approximately 5% of gdp. The improvement will be principally about iran and saudi arabia, with a. The uae ministry of economy has said that the value of the uae s nonoil foreign trade reached dh1. The imf expects uae s economic growth to be largely limited to 3. The uae became an independent state in 1971, with the establishment of its formal economic, social, and political institutions. Therefore, a special section was devoted under this theme to cover vital statistics which includes births and deaths statistics according to the different. According to the third edition of the global islamic economy indicator giei.