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Full versionA strong and diversified economy is one of the key factors behind the United Arab Emirates' high level of development. Effective economic policies and economic diversification have enabled the UAE to take a leading position among the world's most dynamic economies.
Today, the United Arab Emirates is among the most economically developed and investment-attractive countries in the Middle East. The UAE government pursues an active economic policy aimed at diversifying the economy and attracting international investment. Famous magazines and newspapers actively monitor new trends of the economic system of the Emirates, and foreign entrepreneurs are actively considering the UAE as one of the key jurisdictions for investment and business development.
The United Arab Emirates is characterized by an open economy with a large positive surplus and high standards of living. Since its founding in 1971, the UAE economy has demonstrated steady growth. According to international economic organizations, the country's GDP has increased manifold and continues to grow thanks to economic diversification. The UAE continues to have one of the highest GDPs per capita in the region, according to international economic organizations. It brought the UAE closer to the level of developed countries, making the Arab country even more attractive for living and doing business: foreign investment and international trade play a significant role in the country's economy.
An indicator of the high efficiency of the UAE's economy is the fact that the Emirates is among countries with high levels of private capital and a significant number of wealthy residents and investors. With a large number of wealthy investors and entrepreneurs, the country is one of the region's main financial centers.
Oil and gas production and export has historically been a linchpin of the UAE's economy. But today the country’s economy is highly diversified across financial services, trade, logistics, tourism, technology and international business. The UAE ranks as one of the world’s largest oil producers, with most production coming from the emirate of Abu Dhabi. Other key sectors contributing to the country’s economic development include logistics, international trade, financial services, tourism, aviation, technology as well as aluminum production and construction materials. Besides, traditional industries such as handicrafts and oasis agriculture are also actively developing. Dates, vegetables and a few fruits are the primary agricultural products reared with modern farm technologies.
Due to its business environment, developed infrastructure, and stable legal system, the UAE attracts investors from all over the world. They largely invest huge amounts of money into industrial enterprises. Projects with the participation of international investors in industry, logistics and infrastructure are being implemented in various emirates.
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