UAE is an investment attraction for companies and businesses from all over the world because UAE’s economy has ranked 31st in the world and is the 2nd strongest economy in the Arab countries. The UAE has been effectively expanding its economy, especially in Dubai, yet at the same time remains intensely dependent on incomes from oil and petroleum gas, which has been a focal function in its economy, particularly in Abu Dhabi. More than half of the UAE’s economy is dependent on oil trades. The UAE is also working to reduce oil dependence by 2030. In 2012 the plan for Green Economy Initiative was introduced which aims to trade eco-friendly items for sustaining the environment to have a steady economic growth.
The travel industry of UAE is another great revenue of income, with a number of the world’s most extravagant hotels being situated in the UAE. In the past couple of decades, UAE established a large number of tourist attractions booming their tourism. UAE’s economy is diversifying by each year because of their development projects. The UAE government is in hopes to be independent of the country’s oil resources and has been investing in its construction and financial sectors.
Although UAE, in the beginning, was a centre for fishing and sea-trade but soon after finding the oil reserves, UAE embarked on the journey of development and now the country is seeking a future in other industries as well. In a short period of time UAE has secured a top rank in countries that are strong economically, different Assignment Help UAE has researched the country’s development and these researches are widely available.
Except for Dubai, the UAE’s economy is highly reliant on oil resources. Dubai had a comparatively small reserve of oil and other natural resources and thus it is depended on revenue coming mainly from the tourism industry, and foreign investments. Dubai has transformed into one of the most popular vacation spots because of its high-rise buildings, modern infrastructure, number of shopping malls, beaches, most luxurious hotels, and some of the ancient heritage sites, all of these are a factor in boosting tourism in Dubai. Real estate development in Dubai has expanded its tourism and its international financed investments. People from all over the world are interested to invest in mega infrastructure projects as most of the previous projects proved to be a success.
UAE’s economic revenues are dependent on a number of sectors:
UAE is ideal for investment due to its strong financial reserves and banking sectors. According to different reports, UAE has a strong capability of fulfilling its financial needs and commitments.
UAE has a Gross Domestic Product (GDP) of around $354 billion which sum up to be AED 1.3 trillion in 2020. UAE has spent the last two decades transforming the country and becoming a strong economy. The government of the UAE has several plans to further its economy and developing the country even more. UAE has been through its fair share of ups and downs but they always somehow recovered from everything and came on top.