Report on the United Arab Emirates The UAE is the second-largest Arab economy and the world's fifth-biggest oil exporter. From its inception UAE has worked towards building their accumulation of external financial assets, with Abu Dhabi taking the lead on managing the country’s oil wealth and Dubai’s push for economic diversification. The UAE government is in the form of a monarchy with the president of the UAE and ruler of Abu Dhabi, Sheikh Khalifa as the chief of state. The rulers of each of the seven emirates belong to Al Nahyan clan of Abu Dhabi and the Al Maktoum clan of Dubai. Each ruler serves as a member of the Supreme Council and supports the current president. Among the emirates, Abu Dhabi has in the recent years accelerated in reform mainly due to the efforts of Sheikh Mohammed bin Zayed al-Nahyan. The most enigmatic ruler has been Sheikh Mohammed bin Rashid, ruler of Dubai who took a pro-business approach to the administration of the emirate and to policymaking in general resulting in the strength and growth of Dubai’s economy.
UAE is one of the most open economies in the Middle East and has been a member of the World Trade Organization since 1995 and the Gulf Cooperation Council (GCC) since 1981. UAE participates in a wide range of GCC activ...
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" Middle East & North Africa Business Report, the Jordan 30 Mar.
Clark, Todd and Christian Garciga. "Recent Inflation Trends." Economic Trends (07482922), 14 Jan. 2016, pp. 5-11. EBSCOhost, cco.idm.oclc.org/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=112325646&site=ehost-live.
Dubai’s debt exists as a fundamentally important aspect of modern economic research. Set against a backdrop of fluctuating stock prices, an unstable real estate market and an uncertain world economy, speculation about the future of Dubai is rife, despite Dubai initially appearing to bear the global financial crisis far better than most other affected countries.
Maynes, Charles. "The Middle East in the Twenty-First Century." Middle East Journal 52.1 (1998): 9-16. JSTOR. Web. 6 June 2011.
His Highness Sheikh Zayed Bin Sultan Al Nahyan, founder of the United Arab Emirates, or UAE, stated, “The greatest use that can be made of wealth is to invest it in creating generations of educated and trained people.” From its conception, the United Arab Emirates was founded on the importance of education. Since it’s founding in 1971, the small country’s population has risen to over nine million people. This dramatic rise in population was a cause for the dramatic investment the countries government has put into its education system. In 1975, the rate of adult literacy was 54% among men and 31% among women, while today, literacy rates f...
"IRIN Middle East | SYRIA: Wealth gap widening as inflation hits poor | Syria | Economy." IRIN • humanitarian news and analysis from Africa, Asia and the Middle East - updated daily. N.p., n.d. Web. 27 Feb. 2012
In this age of change, the international financial is progressing promptly on various fronts, such as the International Monetary Fund (IMF) play a pivotal role in international financial system. Yet at the same time, many criticisms point out that IMF are not efficient enough to react to settle the problems that have accompanied with this trend. This issue has drawn widespread attention in recent decades. This essay will give an overview about what the IMF it is first, and then put forward by some examples that what kind of role the IMF has done to address financial issues, good or bad. Finally, this essay will propose some solutions about the IMF how could it be more useful to solve the financial crisis.
In 1922 in expectation of oil being discovered; the ruler of Dubai signed an agreement with the British Company Petroleum Concession Ltd. This agreement at first did not lead to the discovery of oil, but it brought in small annual licensing fees and this income did prove helpful to Dubai in building up its infrastructure, since the decline in pearl industry due to the worldwide economic crisis of 1929. In the1960s Dubai had still no modern port facilities, no utilities, and no paved roads (Elsheshtawy, Dubai: behind an urban spectacle, 2010, p.108). Sheikh Rashed bin Saeed Al Maktoum, initiated a series of development projects strengthening the city’s position as a center of trade which included the dredging of the Creek in early 1966. Dubai developed into a primary hub for regional and global trade activity, also due to its geographical location. With the discovery of oil in 1966 Dubai witnessed an unprecedented expansion and construction boom. Some of the key infrastructure projects of this time was the construction of Dubai’s airport, the Al Maktoum hospital and the establishment of Dubai Municipality (DM). The city’s urban pattern started to change as well. With the immigrant wave from 1967 until 1974, the many of the one story buildings were replaced by multistory buildings and modern high-rises started to appear on Dubai’s skyline Dubai’s suburban growth away from the Creek began in 1970, when the city focused its new developments around a growth corridor along Sheikh Zayed Road towards Jebel Ali (Schmid & Stewart, Economy of fascination: Dubai and Las Vegas as themed urban landscapes, 2009, p. 77-
Debt crisis is becoming common and faced by most citizens in Malaysia. Between June 1997 and January 1998 a financial crisis swept like a brush fire through the "tiger economies" of SE Asian. Over the previous decade the SE Asian states of Thailand, Malaysia, Singapore, Indonesia, Hong Kong, and South Korea, had registered some of the most impressive economic growth rates in the world. Their economies had expanded by 6% to 9% per annum compounded, as measured by Gross Domestic Product. This Asian miracle, however, appeared to come to an sudden end in late 1997 when in one country after another, local stock markets and currency markets imploded. When the dust started to settle in January 1998 the stock markets in many of these states had lost over 70% of their value, their currencies had depreciated against the US dollar by a similar amount, and the once proud leaders of these nations had been forced to go cap in hand to the International Monetary Fund (IMF) to beg for a massive financial assistance. (W.L.Hill, n.d.)
After the crisis UAE’s economy suffered from 2008-2009 the economy has diversified itself and does not depend solely on oil anymore but also on other sectors such as tourism. The inflation rate of Dubai is 0.33% which is also significantly low (Dubai Statistics Centre,2016).The small medium enterprise does not want to take a risk where there are fluctuations in price level thereby effecting the buying power of people and also the demand and supply of the Al-Simpkin’s product. Furthermore,the government encourages foreign investment and besides the agent there are free zones such Jabel Ali which is the largest
Ferguson et al. International financial stability. Geneva: International Center for Monetary and Banking Studies, 2007. Print.
Located in the United Arab Emirates we find the city of Dubai. Dubai emanates luxury with its hot weather, blue skies, tall buildings and a very modern impression. The fact is, that Dubai strives for this wealthy look as to attract other wealthy people. After the discovery of oil in the 1960’s the country underwent a transformation into a country with a high standard of living. Dubai, along with the rest of the UAE, strives for the image of equality and freedom of religion. Dubai itself is not only made up of Arab inhabitants but also includes European, Asian and some American dwellers as well. While any and all religions are accepted, Islam is the official religion of the UAE. Dubai has many attractions which includes their many luxurious
Dubai has got travelers majorly from India and Saudi Arabia, followed by UK, Canada, USA and Philippines. The Dubai’s man-mad...
Inflation is one of the most important economic issues in the world. It can be defined as the price of goods and services rising over monthly or yearly. Inflation leads to a decline in the value of money, it means that we cannot buy something at a price that same as before. This situation will increase our cost of living.
UAE consists of seven emirates : Abu Dhabi ,Dubai , Sharjah, Ajman, Fujairah , Ras Al Khaimah and Umm Al-Quwain which is a federal state. Sheikh Zayed is one of the foundations of the Union on the second of december 1971 , where the Sheikh Zayed converts Emirates of empty desert into a green paradise . Consists state emblem is a science that combines four colors red , white , green and black . National anthem is the anthem Emirates National , which echoes in every morning in most government and private institutions . Abu Dhabi is the capital of the United Arab Emirates Abu Dhabi is one of the most world cities sophisticated in terms of modern infrastructure fit its position as a hub economic and political to the United Arab Emirates are They combine its role as a destination for business and tourist destination from shopping in shopping malls Superior to swap in traditional markets as well as enjoy the miles of sand golden beaches to break in one of the public parks in the city and dine at five-star hotel to the safari distinctive and enjoyable , and famous Emirate and the largest in terms of area is Dubai . Arabic is the official language of all the people of the United Arab Emirates . System of government is a federal system known from time immemorial . The head of state , Sheikh Khalifa bin Zayed Al Nahyan , who is also Ruler of Abu Dhabi , who succeeded his father, Sheikh Zayed , the Minister is the Minister Sheikh Mohammed bin Rashid Al Maktoum . Emirates has an area of approximately 83,600 km 2 ( 116 ) and estimate the proportion of water in which 1.1 percent , also the population of the United Arab Emirates to a 8.264 million rate of a million that have been counted in 2011 before 3 years . The population density of t...