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

Economy of United Arab Emirates - Research Paper Example UAE projects itself as a paradise for carrying out international trade practices for better economic growth (Embassy of the United Arab Emirates, 2009). In alignment with 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. 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 position as the 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 nation’s 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 development in the areas of tourism and infrastructure development. Appropriate development of the nation’s 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.