From desert to rich country - United Arab Emirates
From desert to rich country – United Arab Emirates
In less than 50 years, United Arab Emirates has transformed from sandy desert to one of the most developed countries in the world. A global phenomenon, At the beginning of the twentieth century, UAE was within the scope of poor countries. Its inhabitants earned their livelihood from fishing, pearl, and camel herding, as well as the cultivation and trade of dates. The oil discovery had its effect on the sudden wealth of the state on one hand, and on its attraction to industrial growth and development and growth of modern cities on the other hand.
Many of its residents abandoned their traditional livelihood and replaced them with jobs related to petroleum, aluminum, and cement manufacturing and other modern fields. Now, United Arab Emirates has become the third richest country in the world, after Luxembourg, and Qatar. The country is characterized by high individual incomes, with a GDP per capita of $57,744. The population is around 10 million people, but 80% of this number are foreigners working there. Some Emirates, like Dubai, is known for luxury resorts, expensive cars, golden beaches, and astonishing architecture.
Economy of the UAE
After the discovery of oil in the 1950s, a fundamental change took place in the structure of economic life in UAE. Helped by its strategic location and the state’s policies in economic diversification, UAE became one of the richest countries in the world. The country is the fifth-largest oil exporter, with the seventh-largest oil and gas reserves around the globe. UAE exported 5.2% of the globe’s total oil exports for $58.4 billion. Abu Dhabi is the wealthiest emirate, with 95% of the country’s oil production.
United Arab Emirates has the most diversified economy in the whole Gulf Cooperation Council. Over the last twenty years, the economic diversification program led to rise of many non- oil-related industries. Which now makes a substantial percentage of country’s revenue. Industries like finance and insurance (6.4%), manufacturing (12.6%), commerce and hotels (11.4%), and real estate (9.1%). Despite the success of economic diversification program, a huge part of the country’s revenue is coming from the oil industry.
Emirates, like Dubai, became one of the biggest commercial and financial hubs in the world. That serves the county as another economic diversification by allowing the country to cooperate and partner with the largest companies in the world like Microsoft, Cisco Systems, Oracle, and may other well-known names. Beside that, Dubai is known for high-class tourism. Offering its visitors all luxury kinds of entertainment In one city. Fancy hotels, world-class parties and events, nightclubs, casinos, and online casino UAE for those who seek luxury entertainment and joy.
Investing in the UAE
The UAE ranks 25th among the economies at the global level for Global Competitiveness Report 2019, and first in the Middle East. The capitalization of capital markets in UAE reached $244 billion in October 2019, with a 5.6% increase in comparison with the beginning of the year, which is quite promoting for investors. A number of companies choose form for your investment because of diversity of the business. You can always find the right investment for you in United Arab Emirates.
UAE stock market is filled with wonderful options to choose from. Companies like First Gulf Bank, Abu Dhabi Commercial Bank, Abu Dhabi National Insurance Company, Abu Dhabi National Oil Company, Emirates Telecommunications Company, Emaar Properties, Union Properties, even Air Arabia and Aramex.
The first Englishmen took control of the Gulf region, including Emirates, through treaties and a policy of softness and courtship. However, they did not shy away from the use of force, as they used it when they felt threatened or resistant to their policies in the region. The British felt that the policy of appeasement did not succeed, so they resorted again to violence and sent a military campaign that worked to demolish the strongholds of the Qawasim and their gathering centers. They were able to completely eliminate the Arab resistance that was stationed in Ras al-Khaimah, and that was led by the Qawasim.
This ended the resistance of the British in the Gulf, and Britain concluded in 1820 a treaty with sheikhs of the Emirates and Omani coast, and the Emirates became under British protection. European countries themselves began to criticize each other for colonizing other countries, so the British workers’ government was forced to announce its withdrawal from the Gulf before 1971. This announcement had a major role in the establishment of the Emirates Federation.
After numerous meetings and meetings, on the second of December 1971, the establishment of the United Arab Emirates (six emirates) was announced, so it became independent from Britain. This was the end of British protection. On February 10, 1972, the Emirate of Ras Al Khaimah joined the federation. On its declaration, the modern state became the eighteenth state in the Arab League and the 132nd member of the United Nations.