The UAE's two world-class airlines, Etihad and Emirates, as well as constant upgrading of aviation infrastructure, have played a major role in the advance of the tourism industry and are key contributors to the economy. Dubai, in particular, expects that the aviation industry will contribute 32 per cent to its GDP by A number of global business indexes have recognized the advantages that the UAE brings to international business.
Search form Search. UAE Economy. Diversification Creates Trade Opportunities The UAE launched a diversification and liberalization program to reduce reliance on oil and transform its economy from a conventional, labor-intensive economy to one based on knowledge, technology and skilled labor.
Recognized Leadership A number of global business indexes have recognized the advantages that the UAE brings to international business. Newsletter Sign Up First Name. Last Name. Categories Culture. Middle East. Women's Issues. Other please fill box below.
Leave this field blank. The UAE also has a strong re-export sector. Government services account for nearly 11 percent of GDP. Industrial growth has been assisted by free trade zones, including Jebel Ali in Dubai, which have been magnets for international firms. In recent years Dubai has succeeded in attracting high-profile technology firms to the emirate's "Internet City," including Microsoft, Oracle, Hewlett Packard, and Cisco Systems. Nonetheless, the health of the UAE's economy as a whole continues to fluctuate with the world price of hydrocarbons and the economic vitality of its largest trading partners, particularly Japan, which accounts for close to a third of UAE petroleum exports.
In part this is due to the large percentage of GDP taken up by petroleum and in part to the fact that government revenues—70 to 80 percent of which come from oil—and spending are closely linked to oil prices. These links have meant that different sectors of the economy have risen rapidly in recent years as oil prices increased sharply after oil prices hit historic lows in One exception to this trend is the demand for electricity and power: demand for power grew by nearly percent between and It manages the petroleum and gas extraction operations in Abu Dhabi along with the 2 major petroleum refineries in the UAE.
Other key corporations are: Dubai state-owned Dubai Aluminum, a leading supplier of aluminum to the states of the Gulf Cooperation Council; Etisalat, the Abu Dhabi state-owned telecommunications firm; and Emi-rates Airlines, Dubai's state-owned airline.
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