The United Arab Emirates (UAE) is an oil-rich country situated between Saudi Arabia and Oman in the Middle East along the southern part of the Persian Gulf. It is a federation comprised of seven emirates: Abu Dhabi, Dubai, Ajman, Fujairah, Sharjah, Ras al-Khaimah, and Umm al-Quwain. The country boasts one of the world’s fastest growing economies and highest GDP. The residents of the UAE enjoy a high standard of living. Although still very dependent on oil for its revenues, the country has recently began diversifying its economy fueled by an enormous construction boom, expanded manufacturing and service sectors, and a new emphasis on tourism.
The United Arab Emirates has its origins in the tribal sheikhdoms located along the coasts of the Persian Gulf. The sheikhdoms came under the protection of the British in the 19th century, although they were never governed as colonies. Oil was discovered in Abu Dhabi in the 1960s. The discovery of oil led the sheikhdoms to call for unification. The UAE was formed after the withdrawal of the United Kingdom from the Persian Gulf in 1971 and is now comprised of seven emirates.
Sheikh Zayed bin Sultan Al Nahyan, first president of the UAE and ruler of the emirate Abu Dhabi, quickly seized on the potential that the oil industry offered and was instrumental in developing the oil industry in the seven emirates. Revenue from the oil has been used to form the country’s infrastructure, education and healthcare and has transformed The United Arab Emirates into a modern nation state.
The UAE has a very diverse population, with a sizeable Indian population, along with many Pakistanis, Afghans, Egyptians and other groups of immigrants from the Middle East and areas of Africa, Europe, Russia and North America. Over 80% of its residents live in urban areas with the rest of the population spread out in small towns and oil field camps. Dubai, with a population of 1.6 million people, is the UAE’s largest city, and Abu Dhabi is the nation’s capital.
The UAE has a free trade zone that offers 100% foreign ownership and no taxes, which has helped to attract foreign investors. The nation’s fast growing economy and soaring oil revenues have fueled a huge construction boom in the major cities of the UAE. Some of the world’s most grandiose and ambitious development projects and buildings have been constructed, or are in the process of being constructed, in the United Arab Emirates. The major cities and major urban areas boast numerous skyscrapers, upscale hotels and numerous other tourist attractions and business centers.
Currently there is over $350 billion worth in current construction projects. Some of the major projects include the construction of the world’s tallest building (Burj Dubai), the world’s largest shopping mall (Dubai Mall), Dubailand, a tourist attraction which will be twice as big as Disney world, a trilogy of man-made islands called the Palms, and other major skyscrapers, tourist attractions and business centers. With its business friendly environment, thriving economy, warm climate, and multitude of commercial, residential and tourist opportunities available, the United Arab Emirates is attracting people from all over the world to visit, live, and invest in this fascinating country.