Formed on December 2, 1971, the federation of the United Arab Emirates (“Al-Imarat Al-Arabiya Al-Muttahida”) is composed of seven emirates: Abu Dhabi, Dubai, Sharjah, Umm Al Quaywayn, Fujayrah, Ras Al Khaimah, Ajman.
The United Arab Emirates is located on the Arabian Peninsula, between the Persian Gulf and the Gulf of Oman. It borders Oman and Saudi Arabia and is separated from Iran by the Strait of Hormuz.
The entire territory is desert or semi-desert. The south of the country consists of part of the Rub’ al Khali (“the desert of deserts”), while the east and north are occupied by mountains. A few oases (Al Ain, Manama, etc.) allow to maintain a life in the desert.
The exploitation of raw materials represents about 33% of the GDP. The Emirates are the world’s 3rd largest oil producer. Currently, their oil and gas reserves are estimated to be equivalent to 400 years of exploitation. Manufacturing activities have experienced unprecedented growth over the past decade, particularly in sectors such as metal processing, furniture, industrial food preparation and jewelry. The service sector, however, contributes less than half of GDP.
The UAE is a very open country for foreign trade. Indeed, it is one of the world’s top 25 exporters and top 30 importers of goods.
The unemployment rate remains very low. The Emirates are a very stable country politically. The UAE has the 4th highest GDP per capita in the world.
The UAE has been a member of the WTO since 1996 and its economy has been ranked as the “most competitive economy in the Arab world” by the World Economic Forum in Doha.
