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Global Circuit TICC - Technology,
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November 2006
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>> UAE >> Jordan
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UAE (United Arab Emirates)
The Trucial States of the Persian Gulf coast granted
the UK control of their defense and foreign affairs in 19th
century treaties. In 1971, six of these states - Abu Zaby, 'Ajman,
Al Fujayrah, Ash Shariqah, Dubayy, and Umm al Qaywayn - merged
to form the United Arab Emirates (UAE). They were joined in
1972 by Ra's al Khaymah. The UAE's per capita GDP is on par
with those of leading West European nations. Its generosity
with oil revenues and its moderate foreign policy stance have
allowed the UAE to play a vital role in the affairs of the region.
Economy
 The
UAE has an open economy with a high per capita income and a
sizable annual trade surplus. Its wealth is based on oil and
gas output (about 30% of GDP), and the fortunes of the economy
fluctuate with the prices of those commodities. 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. At present levels of production, oil and gas reserves
should last for more than 100 years. The government has increased
spending on job creation and infrastructure expansion and is
opening up its utilities to greater private sector involvement.
Higher oil revenue, strong liquidity, and cheap credit in 2005
led to a surge in asset prices (shares and real estate) and
consumer inflation. Any sharp correction to the UAE's equity
markets could damage investor and consumer sentiment and affect
bank asset quality. In April 2004, the UAE signed a Trade and
Investment Framework Agreement (TIFA) with Washington and in
November 2004 agreed to undertake negotiations toward a Free
Trade Agreement (FTA) with the US.
| Population |
2,563,212 (July 2005 est.) |
| Age structure |
0-14 years: 25.3% (male 331,269;
female 317,977)
15-64 years: 71.1% (male 1,115,826; female 707,058)
65 years and over: 3.6% (male 66,404; female 24,678) (2005
est.)
|
| Median age |
total: 27.9 years
male: 35.2 years
female: 22.9 years (2005 est.) |
| Population growth rate |
1.54% (2005 est.) |
| Net migration rate |
0.84 migrant(s)/1,000 population
(2005 est.) |
| GDP (purchasing power parity) |
$74.51 billion (2005 est.) |
| GDP (official exchange rate) |
$104.2 billion (2005 est.) |
| GDP - real growth rate |
6.7% (2005 est.) |
| Investment (gross fixed) |
20.7% of GDP (2005 est.) |
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