The Economy of the UAE
The UAE at a Glance
The United Arab Emirates is a federation of seven emirates that turned oil wealth into a global hub for trade, finance, aviation and tourism.
The UAE was founded in 1971 and includes Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah.
Two models
Abu Dhabi holds most of the oil and sovereign wealth, while Dubai built a trading and services economy with little oil.
Population
Around ten million people, of whom nearly nine in ten are foreigners.
Position
It is a link between Asia, Europe and Africa, with strong ties to India.
A crossroads
A traveller from Mumbai to London often changes planes in Dubai or Abu Dhabi.
Treating the UAE as one uniform economy
Each emirate has its own strategy.
Key takeaways
- The UAE is a federation of seven emirates.
- Abu Dhabi has the oil.
- Dubai built a trade hub.
- Most residents are foreign.
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