UAE which is known as the United Arab Emirates is known for being one of the richest countries in the world, just below Qatar, Ireland, Switzerland, and Singapore.
In assessing a country’s wealth, we usually have to look at 2 things: First is the GDP, or the gross domestic product which is the amount a country earns, and the unemployment rate.
If we want to do a more thorough analysis of a country’s wealth, we also look at other aspects such as a country’s social progress (quality of education, living standards, the purchasing power of families, etc.); the economic growth or plans of a country, how much debt the country has, imports, exports, and others.
In terms of wealth, the UAE is, by far, a very rich country. With an average GDP of $57,000 per capita and a poverty rate of 19%, this country stands out as the wealthiest country in the middle east with its 7 emirates of UAE that each contributes to its wealth.
Why is the UAE rich?
The country’s wealth centers around 5 factors: Trade, Transportation, Tourism, Technology, and Finance.
For trade, in most of the 7 emirates of UAE, oil is the primary source of UAE’s wealth. Petroleum and natural gas play a huge role in UAE’s economy as well as other exportable products such as aluminum and cement.
In terms of transportation, the UAE has an excellent transportation system. To utilize all the resources they have and to make exporting easier, they have advanced their transportation and infrastructure facilities with their amazing amenities, and transportation network that can take place on the road, on the air, or even on the waters – all of which are connected and extended to every corner of the country.
Along with transportation is their amazing advanced technology. UAE, centering around Dubai, is the leading digital innovation in the Middle east. The country continues to improve its technology while incorporating it into every aspect of their lives which improves efficiency and reduces costs – in other words, making life easier for the people of the country.
Tourism is a factor that greatly contributed to UAE wealth. Known as the “travel dream for many”, UAE has been one of the best places to travel for a lot of people from different walks of life. Whether it be to relax, go on an adventure, spend time with your family or friends, or even on a working trip, UAE is the ideal tourist destination for all.
Lastly, Finance. Aside from tourism, UAE wealth is also derived from the booming businesses in the country. UAE is one of the best places in the world to do your business – in fact, it is the ideal place to start your own business. For one, starting and setting up your own business is very simple. Unlike other countries which have multiple procedures and can even take up to half a year for your application to push through, UAE has less than 13 procedures that can take up to 1 day to 4 weeks for you to legally set up your business in the country. Aside from the simple start-up procedures, there are also other start-ups friendly incentives such as low tax rates or a zero taxable income for start-up and small corporations, low import duties, free trade agreements, a competitive economy, a multitude of strategic locations for your location, amazing infrastructures, and advanced technology. There are also countless business opportunities in the UAE – being the most sought-after tourist destination.
As mentioned before, 7 emirates of UAE contribute to the country’s wealth. These 7 emirates are as follows:
Abu Dhabi
Dubai
Sharjah
Ras Al Khaimah
Ajman
Fujairah
Umm Al Quwain
First is Abu Dhabi, which is known as the capital city of UAE, which is currently the wealthiest emirate in the world with its massive oil and gas production, offshore investments, and developed and urbanized metropolis.
Next is Dubai which is known as the ‘City of Gold’ with its extravagant architecture, golden desert, eye-opening attractions, premium restaurants, award-winning hotels, and bright nightlife. As it is also the business hub of the middle east, business is always booming in this extravagant city.
Another populous city of the 7 emirates of UAE is Sharjah which is known as the center for culture, literature, and industry with its booming economy and tourism sector. Just like the previous 2 emirates, Sharjah is famous for its amazing revolution in the intellect and architecture department and plays a leading role in UAE’s fine arts and showcasing the country’s historical roots. One of the most sought-after places for tourists.
Another one of the 7 emirates of UAE is Ras Al Khaimah which is famous for its incredibly amazing landscape that encompasses the beautiful beach, stunning mountain views, and an incredulous desert plain that lies between the two. This emirate contributes to UAE wealth through its booming infrastructure, tourism, real estate developments, transportation network, and rich heritage.
Along with this is Ajman which is also best known for its cultural attractions and rich heritages and historical places – a dream for many archaeology fans out there and one of the best places to witness UAE’s history and culture. This place is also a popular sought-after tourist attraction in the UAE.
Then lastly, we have both Fujairah and Umm Al Quwain, 2 of the 7 emirates of UAE which centers around the service sector as well as hotels, tourism, parks, and exportation of oil and gas.
How did the UAE get rich?
Looking at the 7 emirates of UAE, we can see that each of the 7 cities had played a role in contributing to the current UAE wealth and development. The contribution may be uneven, but it is still a contribution that brought up the UAE wealth, which is all that matters in the end and the start of the economic development of a country.
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