UAE Economy

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On the back of the surge in oil prices in the past few years and strong regional liquidity, the UAE economy continued to perform well with the economy recording high double digit nominal growth rates since 2003. In 2006, UAE’s gross domestic product (GDP) at nominal prices increased to AED599.2bn, recording a substantial increase of 23.4% over AED485.5bn recorded in 2005. Early estimates from Ministry of Economy (MOE) indicate that the nominal GDP increased by 16.5% to reach AED698.1bn in 2007. In terms of real GDP, early estimates from MOE indicate that the UAE economy grew by 7.4% in 2007 to reach AED420.2bn. Oil prices continued to surge in 2007 with average oil prices increasing to US$69.1/b from US$63.5/b recorded in 2006. However, there were production cuts from OPEC and heavy maintenance work at the end of the year because of which oil production had come down in 2007. As a result of the above, the total value contribution in absolute terms from this sector is expected to have increased marginally by 9.4% to reach AED244.3bn in 2007 over AED223.4bn recorded in 2006. However, non-oil sector recorded a higher growth and as such the share of crude petroleum and natural gas in GDP came down to 35.0% in 2007 against 37.3% in 2006. Private and government consumption is expected to have increased by 18.4% and 22.0% respectively in 2007 compared with a growth of 17.9% and 12.4% respectively in 2006. This is mainly due to the increase in income levels, rising population and higher prices with

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    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...

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