United Arab Emirates

United Arab Emirates

The UAE was the 28th largest economy in the world by nominal GDP in 2018. Its GDP per capita was $43,005 USD. It had the 8th largest proven oil reserves in the world in 2018. It is made up of seven emirates. Dubai has the largest population and the most diverse economy. Abu Dhabi has around 94 percent of the oil reserves and houses the capital. Trade was at 162 percent of GDP in 2018. It was ranked 49th in the World Bank's Human Capital Index and 54th in the Economic Complexity Index in 2017. It is a member of the GCC and OPEC. Services was the largest economic sector in 2018 (52.5 percent of GDP), followed by manufacturing (8.9 percent), and agriculture (0.74 percent). In 2017, the largest export goods were minerals (34.4 percent), other (25 percent), and stone (13 percent). The largest individual exports were unspecified (25 percent), crude oil (22.4 percent), refined petroleum (8.25 percent), gold (5.47 percent), jewellery of precious metals (3.4 percent), and diamonds (3.3 percent). Its largest export partners were undeclared countries (27.3 percent), Taiwan (14.31 percent), India (5.45 percent), and Japan (5.25 percent). The largest goods imports were gold (10.96 percent), transmission apparatus for radio, telephone, and television (10.87 percent), cars (4.87 percent), and diamonds (4.03 percent). By 1869, pearling was the dominant industry but by 1938 it was in decline because of the Depression and Japanese cultured pearls. In 1958, oil was discovered in Abu Dhabi transforming it from the poorest emirate to the richest. In 1966, oil was also discovered in Dubai. In 1971, the "Trucial States" formed the United Arab Emirates and became independent from Britain. During the 1970s and 1980s, Dubai used its oil wealth to develop its trade and tourism industries. The port of Jebel Ali is the largest in the Middle East and was the ninth largest container port in the world in 2018. Abu Dhabi created a sovereign wealth fund in 1976, the Abu Dhabi Investment Authority, which was ranked the third largest in 2018. The fund plays an important role in stabilising and developing the economy. In the 1990s, diversification efforts began to pay off with industries like petrochemicals, aluminium, tourism, and manufacturing contributing to growth. The global financial crisis in 2008-09 hit Dubai hard leading to a fall in the real estate market and a bail-out from Abu Dhabi. With lower oil prices since 2014-15, the government has introduced fiscal reforms, including a decrease in fuel subsidies in 2015, an excise tax in 2017 (on carbonated drinks, tobacco and alcohol), and a VAT in 2018. Recent strategic plans continue to focus on diversification including the development of commerce, tourism, and entrepreneurship.

Its population in 2018 was 9,541,615 [1]

In 2015, 0.14% of its total energy
consumption was renewable [2]

In 2021, its GDP grew by 0.00% [2]

In 2021 it had a positive Current
Account Balance of US$bn 47.95 [3]

Its Expenditure on R&D (as a percentage of
GDP) in 2020 was 1.45% [2]

A Big Mac will set you back the
local equivalent of US$3.81 [4]



What free trade areas or economic unions is it a member of?

Member of the Cooperation Council for the Arab States of the Gulf (GCC) since 25/05/1981

Other members:

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia


What trade deals are there between Cooperation Council for the Arab States of the Gulf and other countries and economic unions?

Gulf Cooperation Council (GCC) - Singapore free trade agreement (from 01/11/2013)

EFTA - Gulf Cooperation Council (GCC) Free Trade Agreement (from 01/07/2014)

EFTA - Gulf Cooperation Council free trade agreement (from 01/07/2014)


What trade deals are there with other countries and economic unions?

Pan-Arab Free Trade Area (from 01/01/1998)

Morocco - United Arab Emirates free trade agreement (from 09/07/2003)

India - United Arab Emirates free trade agreement (from 01/05/2022)

Abu Dhabi Cements City’s Position at Global Market Forefront

CFI.co in conversation with Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer of Abu Dhabi Global Market Authority. Abu Dhabi Global Market (ADGM) is the international financial centre of Abu

UAE’s Economic Progress to Extend Beyond Post-Oil Era

Nearly seven years ago, President His Highness Sheikh Mohamed bin Zayed Al Nahyan provided a glimpse of what the future holds for the UAE. “In 50 years, when we might
Read more

Mining Disaster that Played Out Above Ground — and Brought Down ‘King Midas’

“The richest man in Brazil” was a title that business magnate Eike Batista didn’t particularly care for. It didn’t do justice to the scope and scale of his wealth, he

Massimo Falcioni: Reinforcing UAE’s Economic Diversification Away from Oil Trade in a Co-operative Way

CFI.co speaks with Massimo Falcioni, Chief Executive Officer of UAE Federal export credit company Etihad Credit Insurance. Massimo Falcioni has led Etihad Credit Insurance (ECI), the UAE Federal export credit company,
Read more

How Do You Define the Metaverse?

Bashar Kilani, managing director at Dubai-based Accenture, gives CFI.co readers the low-down on the hi-tech trends that enable organisations to build a digital core. Significant cultural shifts tend to start

ICBC Dubai (DIFC) Branch: Innovate to Differentiate

Innovation is a key element written in ICBC’s core value – “integrity, humanity, prudence, innovation and excellence”. Awarded as the Most Innovative International Bank EMEA 2021 by CFI.co, ICBC Dubai
Read more

Water in the Desert: A Challenge that TANQIA has Taken to Heart

TANQIA, the UAE’s first privately owned wastewater collection and treatment utility, does not lack vision. The state-of-the-art wastewater collection and treatment system (WWCTS) in Fujairah strives to drive down costs,

Making Expo 2020 Deeply Personal: How Accenture Helped Put the Visitor at the Heart of the World’s Greatest Show

When we first started working with Expo and Etisalat Digital over six years ago, they had bold and ambitious plans for what they wanted Dubai’s Expo to be. Now that
Read more

Interview with Alexis Lecanuet, Accenture Middle East: Creating Value Through Continuous Transformation

How has your professional journey qualified and prepared you for being the Middle East Region MD for Accenture? As a true veteran at Accenture, starting my journey with the company

Geidea Fuelling Growth for SMEs while Expanding Across MENA — and Beyond

Geidea is a fully licensed payment-service provider of digital banking technology, point-of-sale terminals, and business management solutions for financial institutions and SMEs. Founded in Saudi Arabia in 2008 by entrepreneur
Read more

Trade with the United Kingdom

Source: UK Office for National Statistics, October 2022.

Contains public sector information licensed under the Open Government Licence v3.0.

CFI