UAE: Rich Gulf state looking beyond oil

UAE: Rich Gulf state looking beyond oil

DUBAI: The United Arab Emirates, which turns 50 on December 2, is a wealthy Gulf oil state and economic hub that has turned into one of the region’s most influential countries.

Expat majority

The UAE is a federal state of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah Umm Al-Qaiwain and Ras Al-Khaimah. Ninety percent of its 10 million inhabitants are foreigners. The capital Abu Dhabi, and above all Dubai, are extremely well-connected air hubs and also home to the regional headquarters of thousands of companies. The UAE has in recent years relaxed its residency regulations to boost its economy and attract more foreign investment.

Economic powerhouse

With an economy second only to Saudi Arabia in the Gulf, the Emirates is one of the easiest countries in the world to do business, according to the World Bank. One of the top oil producer in OPEC, the federation’s rapid growth since the 1970s has been driven by its oil and gas wealth. But having diversified its economy over the decades, it relies less and less on petrol, with revenues now making up only 30 percent of its GDP. In August, the UAE joined the nuclear club, with the Barakah nuclear power station, the first in