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Economic Development of UAE

Economic Development of UAE

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Published by Vivek Joshi
Discusses economic development of UAE, various stages and present economic condition. Bird's eye view of UAE economy. A helpful training material for expatriate employees in UAE.
Discusses economic development of UAE, various stages and present economic condition. Bird's eye view of UAE economy. A helpful training material for expatriate employees in UAE.

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Published by: Vivek Joshi on Jan 18, 2009
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08/30/2011

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Economic Development of UAE

Professor Vivek Joshi Department of Business Manipal University Dubai

Introduction .

Reasons for development  Resource based Industries  Large oil & gas reserves  Oil pool crisis of mid 1970s to early 1980s  Free ports  Development of physical and social infrastructure  Mass consumption  Presence of political will .

Reasons for development  Political and social stability  Limited agricultural potential  Small population to support by large labour force  Urbanization  Transformation of domestic demand (from sustenance to luxury)  Growth of services .

Constraints  Lack of other natural resources  Lack of trained manpower  Lack of technology  Lack of technical skills  Lack of infrastructure  High temperature with heavy humidity  Non-existent policy framework .

Economic History  Divided Pre-oil in era Oil Retailing & Franchising stagnation development High growth rate Stage I Stage II Stage III .

Retailing and franchising . free ports.formation of federation  Late 70s and 80s.Development by decade  Early 1970.Oil pool crisis  80s-90s.Free trade.Construction and Gas  90s-2007.

consequences  Increase in GDP and national income  Structural changes in employment patterns  Massive industrialization  Improvement in infrastructure  Rise in number of higher education institutions  Rise in living standards .

consequences  Betterment in human development index indicators  Significant increase in foreign investment outflow and substantial increase in inflow  Increase in population and pressure on infrastructure  Inflation  Rise in rents and real estate prices .

consequences  Rise in number of international brands present  Tourism and international events are on continuous rise  High growth rate  Repatriation of money and human resources  Development of media and information technology .

UAE's GDP records 23.3% to Dhs 376 bn in 2006 .2b UAE's GDP to surge to Dh584b in 2010 UAE GDP in 2007 expected to touch Dh689 billion Tourism contributes 18% to Dubai's GDP per year Abu Dhabi and Dubai lead in contributions to GDP Non-oil sector contribution jump 77.4% rise in 2006 to Dh599.

Glimpses  Private boom  AD airport registers significant growth in August  Chinese firm wins contract to build Omniyat tower  DIFF to become film market and training ground for filmmakers  Largest GITEX ever  Largest DSF ever  Increasing focus on Manufacturing healthcare sector in Dubai all set to .

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