This reflects the rich natural resources in the UAE, which has 10 percent of the total world supply of oil reserves and the world's fifth largest natural gas reserves. As a mainstay to the economy, oil exports now account for about 30 percent of total UAE gross domestic product.
Tourism is a major economic source of income in Dubai and part of the Dubai government's strategy to maintain the flow of foreign cash into the emirates.
The UAE continues to rely heavily on profits from oil and gas exports, which provide the great majority of UAE government revenue.
Abu Dhabi's ruler, Sheikh Mohamed bin Zayed al-Nahyan, became the UAE's third president in May 2022. The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Oil and gas account for approximately 30 percent of GDP.
The UAE rubber and plastics industry is one of the largest and most important industries in the UAE after oil and gas. Due to its high quality and added value, the UAE rubber and plastics industry has made worldwide leaps in recent years, allowing it to access more than 60 global markets spanning six continents.
Dubai is an island with literally no production of its own. Apart from oil, everything else in Dubai has been imported. Most of these imports are also exempt from taxation. Some imports that are at odds with the local Islamic laws are heavily taxed.
Dubai skyline, capital of the United Arab Emirates (the second richest Arab country in 2021).
The UAE produces about 2.9 million barrels per day (460×103 m3/d) of total oil liquids. The UAE's reserves-to-production is about 18 years.
Abu Dhabi is the capital and the second largest city in the United Arab Emirates. Abu Dhabi is the wealthiest emirate of the UAE in terms of Gross Domestic Product (GDP) and per capita income.
The Abu Dhabi National Oil Company (Arabic: شركة بترول أبو ظبي الوطنية) or ADNOC is the state-owned oil company of the United Arab Emirates (UAE).
The poverty rate in the UAE is 19.5 percent, juxtaposing the stereotypes that many associate with the UAE. The poverty line in the UAE is defined as an income of 80 dirham ($22) a day. The UAE is mostly populated by immigrants from South Asia, Egypt and Morocco.
United Arab Emirates' economy is highly dependent on the exports of oil and natural gas (40 percent of total exports). Others exports include: pearls and other precious metals and stones (28 percent of total exports), machinery sound recorders and parts (9 percent) and transport vehicles (6 percent).
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.
Free trade, a low tax rate, and zero income tax have made Dubai a popular business hub and a wealthy state. Dubai is also the gateway to the East and boasts of the world's highest international passenger flow. It is a world-renowned destination for all travelers, including the rich and famous.
As a result, we estimate net general government debt at about 45% of Dubai's GDP in 2023 and net public sector debt at 93% of GDP.
The most affected industry is transportation, as oil is a major fuel source for vehicles and airplanes. With the depletion of oil reserves in Dubai, the global oil supply will be reduced, increasing oil prices and making transportation more expensive.
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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.
The city relies primarily on desalinated seawater for the water supply. There are two central desalination plants in Dubai — one in Jebel Ali and the other in Al Kaffah. These two plants account for 80 percent of the city's water needs. Dubai has turned into a global business hub in the past century.
UAE citizens currently receive very attractive advantages: a high tax-free income; subsidized education, health care and fuel; incentive packages for buying houses and land; and pensions and retirement benefits from the age of 49.
Khalifa bin Zayed Al-Nahyan.
Dubai's Emirates and Saudi Arabia's oil giant Aramco have topped the list of 15 top companies in the UAE and Saudi Arabia in 2023, respectively, according to LinkedIn.