UAE Economy Essay Example | Topics and Well Written Essays - 2000 words

UAE Economy - Essay Example According to the research findings, UAE has an outstanding GDP growth rate of 4.5% despite the increasing global competition. Globally, UAE is depicted to possess approximately 10% of the total oil reserve which is a great boost to the economy. Moreover, UAE is among the leading producers of natural gas in the global market. It is also important to note that the UAE government is another factor contributing to the economic growth as it encourages global trading and maintains a favorable environment for investors. The historical existence of ‘United Arab Emirates (UAE)’ was identified during the period of 1968 as a result of collaboration between ‘Sheikh Zayed bin Sultan Al Nahyan’ and ‘Sheikh Rashid bin Saeed Al Maktoum’. The prime reason for this truce was to safeguard the potential oil-rich reserves of this nation from the dominative intentions of the neighboring global powers such as the US among others. The historical evidence of UAE also pr ojects itself as an open kind of economy, where major emphasis is provided towards welcoming foreign trade practices. In simple words, UAE projects itself as a paradise for carrying out international trade practices for better economic growth. In alignment to its economic openness, the nation within a confined period of time has successfully attained an appreciable level of economic growth. In this context, it has been identified that UAE has a remarkable economic progress i.e. GDP growth rate of 4.5% in the financial year 2014 irrespective of the massive level of global market competition. In addition, the major reliance of this nation is based on the oil and natural gas reserves, which can be categorized as another crucial factor that appears to have significantly contributed towards the attainment of such high economic progress rate.