The economy of the United Arab Emirates, a country located in middle east according to areacodesexplorer, is based on oil, whose gigantic rises on the world market since 1973 have more than tenfold the state’s revenues (about 10 billion dollars in 1987). Today the United Arab Emirates are at the top of the world ranking in terms of per capita income (US $ 40,711); GDP is also high, and is equal to US $ 424,635 million (2018 data). As regards the productive sectors, the primary one is the weakest, with less than a tenth of the active population employed in the various activities; agriculture is practiced only in the oases, where only cereals, vegetables and especially tropical fruit are grown; equally reduced is the breeding of livestock (especially sheep, goats and camels), while fishing continues to have a moderate importance, enough to also allow some export. Although the country has achieved the important objective of satisfying its domestic agricultural needs and despite the fact that the proceeds from oil exploitation have also been used in reclamation projects to increase the arable land, the primary sector contributes only a minimal percentage to the production of the wealth of the country. Village. Great contribution comes from the secondary sector which contributes 43.6% of GDP. The most important industries are those related above all to the extraction and refining of oil. Of the total tonnes of crude oil extracted annually (and reached over 100 million at the end of the millennium), two thirds come from Abu Dhabi (where natural gas is also present), and the remainder from Sharjah. The main fields are the submarine ones of Umm Shaif and Zakum (connected by oil pipeline to the island of Dās) and on the mainland those of Murban and Bu Hasa, while natural gas fields are located in Hail and Shuwaihat. At current levels of extraction, reserves are estimated to last until the mid-21st century. For this reason, at the end of the nineties, an attempt was made to reduce dependence on the oil sector, giving development to activities not related to the production of hydrocarbons. The surpluses deriving from the sale of crude oil, the main source of income of the United Arab Emirates (exports cover an economic volume equal to one and a half times that of imports, which instead concern plants, machinery, chemicals, consumer goods), have allowed to carry out numerous public works and to start the solution of the traditional serious problems concerning health, education and social security.
Considerable investments have been made both in the industrial field, through the creation of basic industries and companies producing consumer goods, and to increase water availability (among the numerous desalination plants those of Qidfa, Ajman, Raafah), and federal budgets devote substantial resources to social welfare (education and health). There has also been a certain development of the manufacturing sector with the creation of cement factories, food plants, metallurgical and chemical industries concentrated above all in the two major centers, Dubai and Abu Dhabi. As for trading partners, the main trading countries are Japan and South Korea; for imports from the United States, China, India, Germany, Japan, the United Kingdom and France. The tertiary sector also appears to be in excellent health. In fact, the country is looking at international tourism with growing interest, thanks to the presence of modern infrastructures (think for example of the complex of Palm Islands, in Dubai, consisting of two artificial palm-shaped islands that host hotels, shopping centers, luxury homes; to the 300 islands of The World, which reproduce the continents; at the Hydropolis Hotel, the first submarine hotel or at The Mall of the Emirates, where there is also a ski slope), with efficient services and a remarkable transport and communications network. Various emirates are connected to each other by a good road system; there are four airports in the country (Dubai, the most important, and Abu Dhabi, Sharjah and Ras al Khaimah) and two adequately equipped ports (Abu Dhabi and Dubai, which since 1979 has also been able to accommodate supertankers). The development of telecommunications is also accompanied by growing attention: a continuous process of modernization of lines and networks and the creation of technological hubs completely dedicated to hi-tech, especially in Dubai, where there are several free zones, testify to this. for e-commerce (such as Dubai Internet Cityor Dubai Media City). The liveliness of the economy and the offer of advantageous tax conditions (the United Arab Emirates is considered a “tax haven”, especially due to a favorable taxation regime and the almost absence of bureaucracy) have attracted considerable foreign capital and favored investments. The financial structure is supported by a well-capitalized banking system and protected against economic fluctuations and the dangers of speculation. There are also two equity markets in the country. The United Arab Emirates also possess large assets abroad, of which a large amount is managed by the ADIA (Abu Dhabi Investment Authority). In 2018, the tertiary sector contributed 55.6% to the composition of GDP.
Deeply linked to the Islamic tradition, even if interpreted and lived with a less rigorous slant than, for example, Saudi Arabia itself, the United Arab Emirates represent, at the same time, the most modern and “western” expression in the world Arabic, mainly in areas such as architecture and luxury entertainment. The more traditional aspects are found, as presumably, above all outside the urban centers, where clothes, customs, food have been preserved over the years and where the “extended” family is still the founding unit of society. Long dresses and headdresses remain the most used garments (thawb and shal for women, dishdashah and kaffiyeh For the men); the kitchen features some “classics” now famous in the West as well, such as felafel, shawurmah and kebab, with extensive use of spices, to which are added typical fruits (dates, figs) and, among the drinks, especially coffee, with relative ceremonial. Of ancient origins is also the processing of artifacts in precious metal, glass, alabaster, fabric, which feeds a thriving craftsmanship, a means of livelihood for many and the main source of supply for the many souks. (open-air markets) scattered throughout the country and popular with tourists. Among the arts, strictly speaking, poetry occupies a place of honor, appreciated and practiced since the pre-Islamic era, which also finds a passionate composer in the vice-president of the United Arab Emirates, Sheikh Mohammed bin Rashid Al-Maktoum. At an architectural level, there are few traces of the long past: some necropolis (III millennium BC-1000 BC), some traditional-style houses (called Wind Towers) in Dubai, some mosques (including that of Khor Fakkan, in Sharjah, probably dating back to the 16th century) and some forts used for defensive purposes. Finally, you rarely practice the visual arts. The camel race, sport and, at the same time, folkloric attraction has many followers. Sharjah is an important center for culture with museums (Islamic Museum) and theaters. Dubai, also home to a major museum with displays of weapons and objects from local history and traditions, is also the hub and symbol of the UAE’s contemporary and flashy face. Home to world-class sporting events (for example for golf, tennis, sailing) and full of buildings among the most spectacular and impressive in the world (such as the Burj al-Arab, hotel and true temple of luxury), is one of the most exclusive tourist destinations in the world. The Dubai Shopping Festival, which takes place there between January and February, is an international event dedicated to commerce (tourists from all over the world looking for “luxury” bargains), with a series of shows, concerts and cultural events accompanying the ‘appointment. An important novelty for the cultural life of the country, and of the entire Arabian Peninsula, is the planned opening of a section of the Louvre Museum in Abu Dhabi, scheduled for 2012.