Does the UAE need an introduction? Definitely not, you have surely heard about the country that has grown from water to one of the important and paramount economic country. World`s astounding skyscrapers and the oil wealth is in UAE. Though UAE is well known as a conservative country but is generally the liberal countries comprising of different beliefs and cultures. After the discovery of oil, UAE is actually diversified and known for most trades and tourism. So, we will give a complete overview of the UAE and its journey towards the establishment. We are sure you will be amazed to know the varied details of UAE.
What are the 7 UAE countries?
UAE comprises of 7 countries and they are Abu Dhabi, Dubai, Ajman, Sharjah, Ras al Khaimah, Fujairah, and Umm al-Quwain. Initially, there were six Trucial states but after the independence in 1971 from the British, all of the states were rebranded and known as UAE that stands for the United Arab Emirates. UAE is known for its exportation in oil which led to a diversified economy and transformed Dubai into a global hub for finance, retail, and tourism. Thus, it was a Federal Supreme Council that made up representatives of UAE from 7 emirates. The 7 countries developed rapidly within the last decade which is described below.
- Abu Dhabi
Abu Dhabi, capital of the United Arab Emirates is the second largest country comprising of 1.6 million people. It is well known as the wealthiest state because of generating the highest revenue due to petroleum export. Abu Dhabi plays a vital role in contributing to the UAE economy. The state is traditional and follows cultural values. Like Dubai, Abu Dhabi attracts tourists from all over the world due to cultural reasons. Sheikh Zayed Mosque is famous in Abu Dhabi along with sand beaches, Ferrari World and Yas Island.
With the estimated population of 2,502,715 people, Dubai is known as the famous emirate all over the world. It is the most developed tourism and trading emirate among the seven states. It owns the strongest economy and titled as an alpha city. Within the short span, Dubai successfully managed to utilize all of its resources wisely and became the luxurious state with the tallest building of the world.
Ajman is the smallest emirate with a population of 258000 people. The city attracts most tourists because of amazing attractions which include hotels, shopping malls, and cultural places. It is well developed commercially and owns several banks main branches, the Ruler`s office and fifty local and many international shops.
The populous city of UAE is Sharjah with 678,000 population. Sharjah has a border with Dubai and people prefer to live in this city because Sharjah is cheaper as compared to other states in the UAE. Sharjah has well-developed tourism and economic sector. It is often termed as dry emirate which means possession or drinking of any form of alcohol is prohibited.
- Ras al-Khaimah
Ras al-Khaimah comprises of 205000 people and borders with Oman territory known as Musandam. The city currently focuses on industrial development because it does not have any petroleum resource but the economic paramount areas are tourism, real estate, service sector, agriculture, and building materials. It attracts tourists because of parks, water, amusement places, nature, and mainly shopping.
Fujairah is the least populous city with 127000 people. It is not developed because of its dependency on Government funds which is mainly issued by Abu Dhabi. Almost many residents work in the Government sector but foreigners are prohibited to own any organization or business in the state.
- Umm al-Quwain
The state comprises of only 68,000 people and the least populous emirate. There are no traces of oil or gas products in Quwain due to which its economy merely rely on tourism, parks, and hotels.
It’s the Federal Supreme Council which selects a vice president and president for UAE. Both of the members are selected for 5 years with no term limit. Sheikh Khalifa bin Zayed al-Nahyan is the ruler and the elected president of Abu Dhabi since 2004. There is a specific rule of law which each emirate follows and establishes procedures for its own land. All of the court rulings are reviewed by political leadership because the judiciary is not self-governing. Hence, the rule of law is maintained well due to which UAE has reduced amount of corruption cases.
UAE economy is based on mix market of natural gas and oil production with 77.6 freedom score and 9th in the index 2019. Both of these industries produce more than a quarter of GDP and the score remain unchanged from the last 2 years because of judicial effectiveness, and higher property rights. From the last decade, the UAE economy has seen a great rise and showed a significant increase even in all non-oil sectors.
You will be amazed to know that UAE manufacturing GDP is 12.6%, real estate is 9.1%, transportation 7.3%, construction 8.6%, finance, and insurance 6.4%, commerce and hotels GDP is 11.4%. All of the statistics show a strong export sector because, in the last few years, Dubai implemented great high-end technology and enabled all firms to use it especially Internet City.
There is neither enforced income tax law in the UAE nor any federal corporate tax. Some emirates do have varied tax rates at the corporate level or value-added tax is introduced recently. 8.9% is the overall tax burden of total domestic income. Government spending amount is 32.3% of country outcome while there is a decline in a budget that averages to 2.6%.
Is UAE a rich country?
It’s GDP due to which all of the rich countries are ranked. Singapore, Brunei, Luxembourg, and Qatar are listed among the top wealthiest countries in the world. It’s the Gross Domestic Product and Purchasing power parity value of all goods that evaluate the value of the dollar. Hence countries that own oil resources dominate in the list. UAE is at 8th with GDP per capita of $68250. The one-third of GDP is only from oil and petroleum revenues while telecommunications and service sector contribute as well.
Richest emirate in the UAE
Abu Dhabi is the richest emirate in UAE or actually, you can say that it is dripping in wealth because of high tourism to its amazing neighbor Dubai. It’s the only emirate where rich people go and play with their wealth due to which Abu Dhabi is currently in a stable and better position. As UAE owns one of the largest reserves for petroleum and its Abu Dhabi that controls most of the reserves by holding almost 92.2 billion barrels while on the other hand Dubai possess 4 billion barrels and most of those oil fields will be drained by 2030.
Dubai and Abu Dhabi have many similar factors especially attractions, expansion efforts, and tourism but the main difference is Abu Dhabi attracts high quality and rich tourists who actually spend largely. Within the past few years, serious measures have been taken by Abu Dhabi for science, education and technology development.
UAE capital travel diaries
UAE is well known for its cosmopolitan and yet modern appealing. It owns a fancy and cultural heart covered with many artistic achievements. For tourists UAE mainly means Dubai but actually, the city-sized malls, amazing beach, resorts, glittery sandy islands, and beautiful nature will allure the tourists in Abu Dhabi. Hence, all of the emirates possess diverse beauty but the capital of UAE is beyond magical with art, heritage, and adventure based activities.
• The first mega museum was established in Abu Dhabi which features world-class cultural buzz and focused on Emirati Heritage.
• It’s the Sheikh Zayed Grand Mosque that is a perfect example of Islamic architecture in the modern world. The mosque features striking art and the structure represents all Islamic empires from Fatimid Egypt and Mughal dynasty with a great blend.
• Yas Island offers a good distraction to the tourists in the city. It provides great thrilling experience with famous Abu Dhabi Grand Prix and Yas Marina Circuit. The Ferrari World, Formula Rossa roller coaster and Warner Bros Entertainment are perfect for adults and kids.
• When it comes to UAE, you simply cannot leave beach fun because Abu Dhabi offers nicest public beaches with minimal fees that include Saadiyat Island, Al Bateen, Corniche, and new Hudayriat Island is surely a great sandy entertainment.
• To experience nature, beautiful flamingos, crabs and heron, Abu Dhabi Mangrove National Park is a perfect place for you.
Future of the UAE
The future of UAE merely depends on petroleum products. Its economy is growing due to the export of oil products. Within a decade UAE growth increased tremendously and listed as the 2nd largest economy after Saudi Arabia. The future energy plans of UAE will upkeep the economy in the upcoming years and by 2050 UAE aims to produce 38% gas, 6% nuclear energy, 12% coal and 44% energy.
Thus, we can conclude that the UAE will be the most stable economy compared to other countries. It is surely listed among the creative countries that share cultural values peacefully and expresses the Islamic tradition and heritage in fashion, performance, music and culinary landscape.