ECONOMY:
The UAE benefits from a highly industrialized economy making it one of the most developed countries in the world. This is based on its highly ranked Human Development Index, GDP per capita, and energy consumption per capita.
The UAE’s GDP per capita is presently 17th in the world, as rated by the International Monetary Fund, and the total GDP being $168 billion, with only a population of just over 4.5 million places the UAE at 38th in the world.
The UAE currently has one of the fastest growing economies in the world, in 2006 alone, reports have shown that real GDP in the UAE rose by 35% in the 12 months.
The economy has benefited greatly over the past 50 years with the discovery of oil, and although petroleum and natural gas exports still play a vital role in the UAE’s economy, the construction, investment, services, and tourism industries are aiding in successfully diversifying its economy. Throughout the UAE there is around $350 billion worth of active construction projects currently taking place. The majority of which are quickly gaining world attention and interest.
Much of the success of the UAE in recent years can be attributed to the forward thinking of the ruling Al Nahyan family, and also the Al Maktoum family. Since the establishment of the United Arab Emirates and their gaining of their independence in December 1971, the UAE has been successfully led into the 21st century, to become considered a major player on the world’s stage.
Economy 