UAE ECONOMY

UAE ECONOMYThe economy of the United Arab Emirates is the second largest in the Arab World [after Saudi Arabia].The United Arab Emirates has been succesfully diversifying its economy.71% of UAE’s total GDP[gross domestic product]comes from non-oil sectors.

UAE economy is mostly depended on oil reserves .Petroleum and natural gas continue to play a central role in the economy,especially in Abu Dhabi.Tourism is one of the main sources of revenue in UAE ,with some of the worlds most luxurious hotels being based in the UAE .A massive construction boom,an expanding manufacturing base ,and a thriving services sector are helping the UAE divesify its economy.With imports totally $273.5 billion in 2012,UAE passed Saudi Arabia as the largest consumer market in the region .ExporTs totAlled $314 billion which makes UAE the second largest exporter in the region.

UAE ECONOMIC PROSPECTS