Economy of United Arab Emirates Research Paper Example | Topics and Well Written Essays - 5000 words

Economy of United Arab Emi crops - Research Paper ExampleUAE projects itself as a nirvana for carrying out international trade practices for better sparing growth (Embassy of the United Arab Emirates, 2009). In alignment with its economic openness, the nation within a confined flowing 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 colour and natural natural gas reserves, which can be categorized as another crucial factor that appears to have evidentially contributed towards the attainment of such(prenominal) high economic progress rate. The nation in the present scenario is identified to possess about 10 percent of the global oil reserve. In addition, UAE also holds the 5th fix as th e largest producer of natural gas in the global market space. Likewise, exports of quantifiable amounts of oil and natural gas reserves can be considered as a major form of profit for this nation. Apart from all these, UAE also supplies energy to other allied nations, which in turn also contributes to a significant portion of the nations overall GDP rate (John, 2014). In the present scenario, the government of UAE intends to balance its reliance on oil and natural gas reserves with the help of other alternative sources of revenue generation. Thus in an associate manner, UAE appears to have projected its intention of bringing about massive outgrowth in the areas of tourism and infrastructure development. Appropriate development of the nations financial sector can also be categorized under such alternative plans. Apart from all these, subsequent upliftment of the other associated industrial and service sectors also appears to have a significant impact on the overall ergonomic growth process of this nation.