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United Arab Emirates – Important Facts

United Arab Emirates is a country located in the Middle East bordering the Gulf of Oman and the Persian Gulf. Neighboring countries include Oman and Saudi Arabia. It has a strategic location along southern approaches to the Strait of Hormuz, a transit point for world crude oil. The geography of United Arab Emirates is rolling sand dunes of desert and mountains in the east. The government system is a federation with specified powers delegated to the UAE federal government and other powers reserved to member emirates; the chief of state is the president, and the head of government is the prime minister. United Arab Emirates has an open market<market economy in which the prices of goods and services are determined in a free price system. United Arab Emirates is a member of the League of Arab States (Arab League) and the Gulf Cooperation Council (GCC).

Since the discovery of oil in the UAE more than 30 years ago, the country 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. The country’s free trade zones – offering 100% foreign ownership and zero taxes – are helping to attract foreign investors.

The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.

Important Details

  • Country ISO3 : ARE
  • Country Code : 784
  • Income Group : High income
  • Lending Category : NA
  • Region : Middle East & North Africa
  • Currency Unit: U.A.E. dirham
  • WTO Member : Yes
  • Trade organisations : OPEC and WTO
  • world rank : 25
  • Regional Ranking : 2nd in the Middle East/North Africa Region