ECONOMY

Before oil was discovered in the 1950s the UAE's economy was dependent on fishing
and a declining pearl industry.
After 1962, when Abu Dhabi became the first of the emirates to begin exporting oil, the
country's society and economy have been transformed.
During the credit boom that built up after 2000, Dubai sought to turn itself into the
financial gateway and cosmopolitan hub of the Middle East.
The country had achieved a 17% annual growth rate from 2000 to 2006.
It also began attracting vast amounts of foreign investment for ever more ambitious
construction projects, most famously the Burj Khalifa skyscraper.
2009 (financial crisis)- property sector and construction went into decline. However,
tourism, trade and the retail sector have remained buoyant.
Although emiratis are traditionally conservative, the UAE is one of the most liberal
countries in the Gulf, with other cultures and beliefs generally tolerated, especially in
Dubai.
About 95% of Dubais Gross Domestic Product is not oil-based.

Facts(2014)
Factor

Value

Population

5.5m

GDP(ppp)

271.3$ billion

GDP growth rate

Unemployment

Major contributors of Economy

19%

23%

3.9 %
2.4 %

Inflation (CPI)

0.7 %

FDI inflow

9.6 B $

16%
5%

15%
11% 12%

Property and Construction

shipping, warehousing and logistics
Tourism
Financial services
Oil and natural gas
Trade
Others