United Arab Emirates Economic Facts
Industry in UAE
UAE is one of the countries in the Middle East, which is trying its best to develop other alternatives to the oil industries. This involves development of industries, land reclamation and also making of ports and development of trade centers. In the Emirates sufficient land reclamation is done, which grows fruits and vegetables self sufficiently. In agriculture there is a bit of problem because of the dearth of fresh water. UAE has already built up desalination industries. In 3 of the 7 Emirates, oil exploitation is carried on at a large scale and search for new oil reserves are also carried on in other places. There is a good amount of fishing done. Oil and natural gas is crucial to the economy of UAE. Without that UAE would topple over.Armed Forces
Forty per cent of the national budgets are also used on the forces. The UAE has a very high economy that is industrialized and the most developed. It is based on the socio- economic indicators.
Fastest Growing Economy in the World
There are various estimates that deviate regarding the growth of the GDP of the nation. The statistics that is available point out that UAE currently has the economy that is the fastest growing in the world. According to the Ministry of Finance report, the GDP rose by 35 per cent, in the year 2006 and to 175 billion dollars in 2006. That was more than it had been in 2005 - the amount had been 130 billion dollars.
Construction Boom
The UAE is also becoming less dependent, for revenue, on the natural resources. Natural Gas and Petroleum export play a very important part in Abu Dhabi. There is a huge construction boom and the sectors that help the UAE to bring a diversification in the economy. There are also a huge number of construction projects nationwide, that amounts to 350 billion dollars.
Bank of Credit and Commerce International
The sudden collapse of BCCI, IN 1991, summer created waves throughout the economy of the UAE. The collapse of BCCI, became a major scandal internationally because the bank had become an important financial institution in many countries, also in Great Britain and the United States, also because the members of the ruling family at Abu Dhabi were the major shareholders.
