United Arab Emirates/

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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country’s Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices slowed GDP growth in 2010. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE’s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

$199.8 billion (2010 est.)

$194.7 billion (2009 est.)

$200.1 billion (2008 est.)

$239.7 billion (2010 est.)

2.6% (2010 est.)

-2.7% (2009 est.)

7.4% (2008 est.)

$40,200 (2010 est.)

$40,600 (2009 est.)

$43,300 (2008 est.)

3.908 million

2.4% (2001)

19.5% (2003)

26.8% of GDP (2010 est.)

44.6% of GDP (2010 est.)

48.9% of GDP (2009 est.)

2.2% (2010 est.)

1.6% (2009 est.)

NA%

$68.76 billion (31 December 2010 est)

$60.85 billion (31 December 2009 est)

$228.5 billion (31 December 2010 est.)

$201.6 billion (31 December 2009 est.)

$290 billion (31 December 2010 est.)

$263.6 billion (31 December 2009 est.)

$109.6 billion (31 December 2009)

$97.85 billion (31 December 2008)

$224.7 billion (31 December 2007)

dates, vegetables, watermelons; poultry, eggs, dairy products; fish

petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles

3.2% (2010 est.)

71.54 billion kWh (2007 est.)

65.98 billion kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

2.798 million bbl/day (2009 est.)

435,000 bbl/day (2009 est.)

2.7 million bbl/day (2007 est.)

192,900 bbl/day (2007 est.)

97.8 billion bbl (1 January 2010 est.)

50.24 billion cu m (2008 est.)

59.42 billion cu m (2008 est.)

7.567 billion cu m (2008 est.)

16.75 billion cu m (2008 est.)

6.071 trillion cu m (1 January 2010 est.)

$3.409 billion (2010 est.)

$7.871 billion (2009 est.)

$195.8 billion (2010 est.)

$192.2 billion (2009 est.)

crude oil 45%, natural gas, reexports, dried fish, dates

Japan 17.27%, South Korea 10.49%, India 9.96%, Iran 6.82%, Thailand 5.11% (2009)

$159 billion (2010 est.)

$150 billion (2009 est.)

machinery and transport equipment, chemicals, food

China 15.03%, India 14.27%, US 8.44%, Germany 5.81%, Japan 4.52% (2009)

$39.1 billion (31 December 2010 est.)

$36.1 billion (31 December 2009 est.)

$122.7 billion (31 December 2010 est.)

$122.5 billion (31 December 2009 est.)

$76.38 billion (31 December 2010 est.)

$70.18 billion (31 December 2009 est.)

$54.91 billion (31 December 2010 est.)

$51.41 billion (31 December 2009 est.)

Emirati dirhams (AED) per US dollar - 3.673 (2010), 3.673 (2009), 3.6725 (2008), 3.6725 (2007), 3.6725 (2006)