How Has the UAE Become the Beacon of Success in the MENA?

  • Date: 03-Dec-2020
  • Source: Al Bawaba
  • Sector:Economy
  • Country:UAE
  • Who else needs to know?

How Has the UAE Become the Beacon of Success in the MENA?

When we talk about business in the Middle East, one of the first images that come to mind is certainly from the UAE, which has evolved over the past 49 years from a small deserted state dependent on pearls trade to become the region's most active and most vibrant business hub.

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For years, the unification of the seven Arab Emirates that make up the UAE today has been boosted by both the strategic geographic location and the oil that enriches every inch of the territory, providing a solid basis for the strong economy.

Due to the small native population of the UAE, the country has utilized the numerous talents of its most skilled workers coming from all across the world, setting the foundation for a universally-open economy with promising prospects.

Even though the UAE had to rely almost entirely on the booming oil industry for decades until its economy was strong enough to expand into new industries, the country has proved that its slow pace of diversifying the economy was a sound decision to help each sector develop on its own.

In addition to attracting some of the best skills around the world, which in itself has been reviving the real estate industry as more people