Economics of the UAE Research Paper Example | Topics and Well Written Essays - 2000 words

Economics of the UAE - Research Paper Example km†¦..population of three million inhabitants in 2000† (202). However, out of the total population of the UAE, over half are non-nationals. With the discovery of oil, the economy of the United Arab Emirates was transformed from an unreliable economy that relied on agriculture, pearling, and fishing, to a high income economy based mainly on oil production. Although there were challenges and opportunities that came with the transformation of the United Arab Emirates economy, its government has succeed in utilizing the opportunities and confronting challenges. President Sheikh Khalifa Bin Zayed Al Nahyan of the United Arab Emirates is working hard to maintain the economic progress that was established by the nation’s first president (Al-Abed, Hellyer, and Vine 71). The first president of the UAE established an economic reform and liberalization programme, which was high approved by principal international bodies. According to Al-Abed, Hellyer, and Vine, due to the development of the UAE oil sector, and growth in other sectors of the nation’s economy, there is continued advancement in the real Gross Domestic Product growth of the UAE (71). Liberal economic policies have helped in maintaining sustained economic growth in the UAE, and the UAE government continues to focus on these policies for future sustained growth. Apart from the oil industry, the UAE government has continued to pay attention to the shipping, tourism, media, financial and commercial services, industries, and the manufacturing sectors of the UAE economy that have contributed to economic growth in the emirates. The economic development of the United Arab Emirates began in the 1970’s. In 1989, the real GDP growth was 11%, standing at 33.7 billion US dollars (Federal Research Division 74). In 1991, crude oil production increased, consequently increasing oil and gas exports. The level of imports for