+971 43867444
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 tourist destination that has one of the best and strategically located ports in the world and bountiful UAE 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)
$30,985 International Dollars (2014 estimate)
5. GDP per capita
Current prices US$ 44,330 (2014 estimate)
6. GDP (PPP)
Total share of world 2000 – 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. Inflation 2014
2.2% (estimate)
10. Budget
Revenues: $130.3 billion
Expenditures: $113.8 billion (2012 est.)
11. Industries
Petroleum and Petrochemicals Fishing Aluminum Cement Fertilizers
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 gas
Re-export Dried Fish Dates
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$202.1 billion (2011 estimate)
17. Imports – commodities
Machinery and transport equipmentChemicalsFood
18. Imports – partners
India 17%China 13.7%US 10.4%Germany 5.1%Japan 4.2% (2012)
19. Exchange rates
Emirati dirhams (AED) per US dollar –
3.673 (2012 est.)
3.673 (2011 est.)
3.6725 (2010 est.)
20. Fiscal year
The calendar year
21. FDI Inflows
US$ 10,488 million – 2013
22. FDI Outflows
US$ 2,905 million – 2013
*Note – Facts are taken from IMF World Economic Outlook, April 2014
If you are planning to globalize your business, UAE is a leading commercial and trading hub, and promises an excellent opportunity for business growth. Commitbiz can help set up your business in UAE, and realize your business formation dreams. Contact us today!
