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Economy of UAE

The United Arab Emirates, often just termed as Emirates or UAE is a sovereign nation situated in the southeast end of Arabian Peninsula. It shares its borders with Oman to the eastern region and with Saudi Arabia to the south. The estimated GDP of United Arab Emirates in terms of purchasing power parity (PPP) is $269.8 billion as of 2013. The utmost dedication and continuous efforts at monetary modification have abridged the portion of GDP based on oil and gas production to 25%. After unearthing the tremendous amount of oil reserves in UAE, the nation has experienced a reflective alteration from a pauperized state of minor desert princedoms to a modern state with a high standard of living. The government of United Arab Emirates is happy enough to spend more and more on job creation programs and infrastructure development and is opening up conveniences to grander private sector involvement for the betterment of nationís economy. The universal fiscal slump, closefitting international credit and deflated asset prices restrained the economy of United Arab Emirates, at that particular period of time; it was really difficult for the country officials to cope its debt responsibilities, but thanks to the timely economic reforms and mega infrastructure programs, the country managed to get out from the trouble by taking least amount of time. The major industries of UAE include petroleum, petrochemicals, fishing, aluminum, cement, fertilizers, construction materials and textiles. UAE has a calendar year system for handling the annual fiscal affairs of the country.

Imports of UAE

UAE is the twentieth largest importer of the world. The estimated import value of United Arab Emirates is $249.6 billion as of 2013. The major import commodities of UAE include machinery, transport equipment, chemicals and foodstuffs. India, China, United States of America, Germany and Japan are the major import partners of UAE.

Exports of UAE

The estimated export value of UAE is $368.9 billion as of 2013. The major export commodities of United Arab Emirates include crude oil, natural gas, dried fish and dates. Japan and India are the nations that receive high percentage of export commodities from UAE, while the other notable export partners include Iran, Thailand, Singapore and South Korea.

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Abu Dhabi
Dialing Code
Fiscal Year
Calendar Year
UAE Dirham (AED)
$265.3 billion (2011 est.) | Crude Oil 45%, Natural Gas, Reexports, Dried Fish, Dates
$185.6 billion (2011 est.) | Machinery And Transport Equipment, Chemicals, Food
Petroleum And Petrochemicals; Fishing, Aluminum, Cement, Fertilizers, Commercial Ship Repair, Construction Materials, Some Boat Building, Handicrafts, Textiles

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