The economy of the United Arab Emirates (UAE) is the 4th largest in the Middle East (after Saudi Arabia, Turkey, and Israel), with a gross domestic product (GDP) of US$503 billion (AED 1.84 trillion) in 2022. $498.98 billion (nominal; 2023 est.)
Is United Arab Emirates a wealthy country? The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.
The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.
Tourism has played a large part in the success of the UAE's economic diversification. The UAE's world-class airlines, including Etihad and Emirates, as well as constant upgrading of aviation infrastructure, have played a major role in the advance of the tourism industry and are key contributors to the economy.
It's 12 times more income than in India. For the unversed, UAE also doesn't have any income tax.
Qatar has been ranked among the top few wealthiest countries globally. Qatar has been named the fourth richest country globally. Also, it is the first-ever Arab nation to be among the top four wealthiest nations.
The United Arab Emirates is the third-richest country in the world, and Dubai is its epicentre.
So, despite being part of the UAE, not all its residents are rich. UAE is among the 10 wealthiest countries globally, and Dubai follows suit. However, a huge percentage of its citizens, 20%, live in poverty regardless.
Emiratis with a university degree who work in the private sector will receive a Dh7,000 monthly salary top-up, up from Dh5,000 at present. The changes were announced at a meeting of 500 senior government leaders in November. The payment will be Dh6,000 for diploma holders and Dh5,000 for high school graduates.
To live comfortably in Dubai, you should expect a salary of at least 10,000 to 15,000 AED. This should allow you to cover your rent and bills and have enough disposable income to enjoy Dubai to the fullest.
Generally, the legal age for drinking alcohol is 18 in Abu Dhabi, but a Ministry of Tourism by-law prevents hotels from serving alcohol to those under the age of 21. In Dubai and all other emirates besides Sharjah, the drinking age is 21. Drinking alcohol in Sharjah is illegal.
Other factors include success in numerous key sectors including financial services, oil and gas, real estate, travel and tourism, technology, and healthcare, with a first-class healthcare system. In terms of lifestyle, the UAE also offers top-end apartments and villas and world-class shopping malls and restaurants.
What is the average salary in Dubai? According to Salary Explorer, the average salary in Dubai is 258,000 AED per year (70,256 USD as per exchange rates in 2023). This figure can help you get an overview of Dubai's economy and its standard of living.
While the UAE is indeed a very wealthy nation, it is a common misconception that no poverty exists there at all. It is estimated that around 19.5% of Emiratis live below the poverty line.
Yemen has long been one of the poorest countries in the Middle East and North Africa (MENA) and is now one of the world's worst humanitarian crises. The fighting raging since early 2015 has devastated its economy, leading to severe food insecurity, and destroying critical infrastructure.
The United Arab Emirates, the second happiest nation in the MENA region, dropped two places from 24th to 26th globally. Saudi Arabia, the third happiest nation, fell five places, landing at 30th in the global rankings.
Housing and land benefits for UAE nationals
The UAE Government allocates land or provides free housing or housing loan, residential facilities and maintenance to deserving Emiratis. This way, the UAE ensures access for all to adequate, safe and affordable housing and basic services.
Dubai is an expensive city compared to other UAE locales. Numbeo's cost of living index estimates that a single person in Dubai needs about 3,700 United Arab Emirates Dirham (AED), or $1,000 USD per month, excluding rent.
Yes, a monthly salary of AED 25,000 (all-inclusive) can be considered a good salary to sustain a family of three in Dubai. However, it depends on the family's lifestyle and spending habits.
Dubai and UAE minimum salary and wages 2023
As of now, the UAE does not have a national minimum salary or wage since the country's labor law does not specify any minimum salary requirements. However, it is mandated that employees' salaries and wages should cover their basic needs.
Economy. Australia has a GDP per capita of $48,700 as of 2020, while in United Arab Emirates, the GDP per capita is $67,100 as of 2019.
Qatar is currently the wealthiest country in the Arab World - Fast Company Middle East | The future of tech, business and innovation. Tech. Work Life.