UAE is an open economy that provides its nationals and investors with a high standard of living thanks to higher per capita income, sizable annual trade surplus, tax incentives, and economic diversification policies. Apart from being a promising commercial and trading hub, United Arab Emirates is a popular tourism destination that has one of the best and strategically located ports in the world and bountiful free trade zones. Here are a few facts about UAE that you should know:
Key Facts to Know
Country and Population OverviewGlobal Finance Rankings and Awards
- Total Area – 83,600 SQ KM
- Capital – Abu Dhabi
- Official Languages – Arabic (official), Persian, English, Hindi, Urdu
- Currency – Emirati dirhams (AED)
- Total Population –
- 2014* – 9.302 million
- 2019** – 10.749 million
- Largest companies in the United Arab Emirates (top 5) –
- Etisalat
- National Bank of Abu Dhabi
- First Gulf Bank
- Emirates NBD
- Abu Dhabi Commercial Bank
- Owing to its efficient trade policy, UAE hosts up to 50% of Fortune 500 Companies
- UAE symbolizes efficient trade policy and has competitive import duty at 5%
- Ranked as the World’s Best Emerging Markets Banks in the Middle East consecutively for three years in a row, 2011, 2012 and 2013
- Ranked as the World’s Best Islamic Financial Institutions for 6 years in a row; from 2008 to 2013
- UAE has the World’s Safest Banks, World’s Best Internet Banks, World’s Best Sub-custodian banks, World’s Best Investment Banks
- UAE banks are the World’s Best Foreign Exchange Providers
- UAE banks are the World’s Best Treasury & Cash Management Providers
UAE Economy in Numbers – 22 Quick Facts and Figures
1.
Gross Domestic Product – GDPUS$ 412 billion (2014 estimate)
2.
GDP – real growth rate 2012 – 4.4%2013 – 4.8%2014* – 4.4% (estimate)
3.
GDP (purchasing power parity) $288 billion US Dollars (2014 estimate)
4.
GDP – per capita (PPP) $30,985 International Dollars (2014 estimate)
5.
GDP per capita – current pricesUS$ 44,330 (2014 estimate)
6.
GDP (PPP) – Total share of world2000 – 0.2%2010 – 0.32%2014* – 0.32% (estimate)
7.
GDP – composition by sector Agriculture: 0.7%
Industry: 61.1%
Services: 38.2% (2013 estimate)
8.
Market value of publically traded shares 2012 – US$67.95 billion
9.
Inflation2014* – 2.2% (estimate)
10.
Budget
Revenues: $130.3 billion
Expenditures: $113.8 billion (2012 est.)
11.
Industries
Petroleum and PetrochemicalsFishingAluminumCementFertilizers
Commercial Ship Repair
Construction Material
Some Boat Building
Handicrafts
Textiles
12.
Industrial production growth rate
3.2% (2010 estimate)
13.
Total Exports
US$368.9 billion (2013 estimate)US $300.6 billion (2012 estimate)
US $281.6 billion (2011 estimate)
14.
Exports – commodities
Crude oil 45%Natural gasRe-exportDried FishDates
15.
Exports – partners
Japan 15.4%India 13.5%Iran 10.7%Thailand 5.5%Singapore 5.5%
South Korea 5.3% (2012)
16.
Total Imports
US$249.6 billion (2013 estimate)US $220.3 billion (2012 estimate)
US $202.1 billion (2011 estimate)
17.
Imports – commodities
Machinery and transport equipmentChemicalsFood
18.
Imports – partners
India 17%China 13.7%US 10.4%Germany 5.1%Japan 4.2% (2012)
19.
Exchange rates
Emirati dirhams (AED) per US dollar –
3.673 (2012 est.)
3.673 (2011 est.)
3.6725 (2010 est.)
20.
Fiscal year
Calendar year
21.
FDI Inflows
US$ 10,488 million – 2013
22.
FDI Outflows
US$ 2,905 million – 2013
*Note – Facts taken from IMF World Economic Outlook, April 2014
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