...U.A.E: The Success Story The emergence of the UAE as an economic powerhouse is an example of a country going through a tremendous transformation. From a tiny country with a nomadic society to building the most modern city in the world. The city being Dubai of course. Dubai is the crown jewel of the UAE and the arab world as a whole. Now one of the most sought-after tourist destinations and business hubs for citizens of the world, Dubai’s success story has made many other Middle Eastern nations take notice. In a survey done by the Arab Youth organization, young arabs chose the UAE as “the country they would most like to move to… and the country they would most like their country to emulate” (Badam). The UAE was ahead of 20 other countries, including the United States, Germany and Britain, as young people’s top country to live in. What led to the UAE’s astronomical rise? What policies led to the resources from oil revenues being spent in the most efficient fashion in comparison to other nations? These are the questions I will tackle in this paper. The UAE was established in 1971 when the rulers of the seven independent emirates agreed to instill a unifying constitution. The ruler of Abu Dhabi at the time , Zayed bin Sultan Al Nahyan, was chosen to lead the country. Since then, the ruler of Abu Dhabi is President of the United Arab Emirates, the head of state, and the ruler of Dubai is the Prime Minister of the United Arab Emirates, the head of government. This historic...
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...In: Business and Management Uae Economic Outlook Economy September 2010 UAE Economic Outlook 2010 UAE Economic Outlook 2010 GDP expected to grow in 2010 Inflation expected to drop to 0.4% in 2010 UAE struggled to post a budget surplus in 2009 Dubai World reaches agreement to restructure its debt UAE GDP expected to grow by 0.6% in 2010 The global recession, which started in Q4-2008, halted UAE‟s economic growth significantly. After a 7.5% growth in real GDP in 2008, UAE‟s GDP increased by only 1.3% to reach AED515bn in 2009. Despite the global recession, the non-oil GDP grew by 8.4% in 2009. Due to the decrease in oil prices and production, the non-oil sector contributed 71% of the GDP in 2009 compared to 66% during the previous year. Overall Broad Money supply decreased by 0.3% as of Q2-2010; grew by 5.4% in 2009 The UAE government implemented expansionary monetary and fiscal policies to stimulate aggregate demand in 2009. Due to the effects of the recession on the economy, the UAE government wanted to expand the money supply and encourage growth. Money Supply (M1) and Broad Money (M2) grew by 3.7% and 2.2% respectively, while the overall broad money (M3) decreased by 0.25% as of Q2-2010 due to a decrease in government deposits. UAE maintained a budget surplus for its fifth consecutive year The budget surplus in recent years was largely credited to high gas and oil profits due to high oil prices. Total government revenue was almost AED293bn for...
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...United Arab Emirates and Economics Institution United Arab Emirates and Economics Introduction The United Arab Emirates is a capitalist country which gives the private investors an opportunity to manage, and maintain commercial and industrial sectors in order to ensure growth and development. The economy has one of the highest Gross Domestic Product (GDP) per capita worldwide. Thus, this allows many people from different parts of the world entering and investing in the economy and also gives them the opportunity to leave whenever they feel like without engaging in various formalities. The country can also be viewed as one that has a liberal market philosophy and which comprises small amounts of corruption in most of the public sectors. Capitalism refers to a system of raising, spending and conserving a given set of monetary value in a given market. Under this economic system, there are three key markets that are the money or financial market, the labor market and the product market. Labor providers are paid wages and salaries depending on the nature of employment. They make products that are sold by the firms, companies and corporations to the consumers. Money market is involved in both the supply and demand for money. Money supply is mostly undertaken by the central banks of various countries while demand is determined by the speculative transaction and precautionary motives respectively. The money market operates...
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...Economy September 2010 UAE Economic Outlook 2010 UAE Economic Outlook 2010 GDP expected to grow in 2010 Inflation expected to drop to 0.4% in 2010 UAE struggled to post a budget surplus in 2009 Dubai World reaches agreement to restructure its debt UAE GDP expected to grow by 0.6% in 2010 The global recession, which started in Q4-2008, halted UAE‟s economic growth significantly. After a 7.5% growth in real GDP in 2008, UAE‟s GDP increased by only 1.3% to reach AED515bn in 2009. Despite the global recession, the non-oil GDP grew by 8.4% in 2009. Due to the decrease in oil prices and production, the non-oil sector contributed 71% of the GDP in 2009 compared to 66% during the previous year. Overall Broad Money supply decreased by 0.3% as of Q2-2010; grew by 5.4% in 2009 The UAE government implemented expansionary monetary and fiscal policies to stimulate aggregate demand in 2009. Due to the effects of the recession on the economy, the UAE government wanted to expand the money supply and encourage growth. Money Supply (M1) and Broad Money (M2) grew by 3.7% and 2.2% respectively, while the overall broad money (M3) decreased by 0.25% as of Q2-2010 due to a decrease in government deposits. UAE maintained a budget surplus for its fifth consecutive year The budget surplus in recent years was largely credited to high gas and oil profits due to high oil prices. Total government revenue was almost AED293bn for 2009, a decline of 35% from the previous year, while hydrocarbon...
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...Discuss any economic resource which is scarce in UAE or a well-known country. Then analyze the pros and cons of the government procedures which have been carried out toward this problem. In your opinion, what are the most effective suggestions to solve this scarcity problem? INTRODUCTION: Economic resources are the land, labor, capital and entrepreneurial ability that are combined to produce outputs in order to meet the ever-changing needs and wants of individuals and society as the whole. They earn, rent, wages, interest, and profit, respectively as their resource payments. Good and services that are scarce are economic goods. Scarcity is the basic economic problem that is unlimited human needs and wants, in a world of limited resources. UAE is oil rich country which is in a serious danger of losing its water resource in the coming 50 years. Abu Dhabi is one of the richest emirates swallow around 550 liters of water per day by per person which is comparatively quite more as compare to other countries in the world.UAE government incurs lot of money on the energy cost as desalination plants are set up in order to provide fresh water. Desalination plants costs $18 million a day, apart from this they also have huge environmental impact. The arid climate of the country plays a significant role in the water resources availability. Rainfall, which is a main source of recharge for different water resources, such as surface water and groundwater, is scanty and extremely irregular...
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...Performance Appraisal At Department of Economic Development How Performance appraisal is being implemented in the DED Introduction Department of Economic Development (DED) is a department that is established by Abu Dhabi government to have an economic dimensions and influences on the investors who are giving the trust to invest in Abu Dhabi. The department is very important for each investor in the UAE because whenever they want to establish any company or factory they have to go and check what are the policies and regulations with the commercial affairs in order to build up a company with a developed economic environment that would attract both the foreigners and locals. It has more than 50 branches in Abu Dhabi, Al Ain and Al Gharbiya. DED’s objective is to achieve the best economic development by its commercial affairs and the economic regulation for the best interest of the country. The research paper will talk about how the performance appraisal will be applied in this government department and how do they deal with it through an economic development environment. On the other hand, we’ll be able to analyze what are the differences between what we’ve studied through this course and what it is implemented through the department. As I am working in the HR department at DED and that always deal with doing the performance appraisal and checking if there is any difficulties that the employees would face it while they are giving their opinion about performance appraisal...
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...Economic and Social Report On United Arab Emirates List of Tables and Graphs LIST OF TABLES | Table | Page no. | 1.Macroeconomic Indicator | 7 | 2.Sectoral Contribution | 8 | 3.GNI over the years | 13 | LIST OF GRAPHS | Graphs | Page | 1.GDP Over Years | 6 | 2.Sector Wise Contribution(2005-09) | 9 | 3. Average retail rents/region Comparitive Hotel Occupancy Rates | 11 | 4. Comparitive Hotel Occupancy Rates GNI of UAE over the years | 11 | 5. GNI of UAE over the years | 14 | 6. GNI per capita of UAE over the years | 15 | 7. Unemployment Rate 2006-2012 | 16 | 8. Unemployment and UAE Nationals Participation in the labour market. | 17 | * 9. Inflation in UAE in recent times | 18 | * 10. Average Retail Rents/Region * | 19 | * 11. Current Account Balance of UAE 2004-2014 | 20 | Contents Topic | Pageno. | 1.Introduction | 4 | 2.GDP of UAE | 6 | 3.Factors affecting GDP | 6 | 4.Contribution of different sector | 8 | 5.GDP of UAE in 2013 | 9 | 6.Hydrocarbon Sector | 11 | 7.GNP of UAE | 13 | 8.Unemployment rate in UAE | 16 | 9.Implication of unemployment rate | 17 | 10.Inflation | 18 | 11.BOP | 20 | 12.Fiscal Policy | 21 | 13.Monetary Policy | 21 | 14.Analysis of exchange rate | 22 | 15.Recovery from global Recession | 23 | 16.Conclusion | 24 | INTRODUCTION Thirty years ago the United Arab Emirates was considered...
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...Elasticity Introduction This assignment will cover the core topic of economics i.e. Elasticity. Elasticity is concern to two major economic factors without no economy can survive, which are Demand and Supply because if we are not familiar with the demand and supply how can we come to know that how much demand of a particular item needs in the market and how much supply have to prepare to earn the revenue or maximum profit. Therefore, first, the theoretical concept of elasticity regarding demand and supply will be explained and then it will be applied on UAE economy. Body: Theoretical Concept of Elasticity Elasticity can be defined as the degree of responsiveness in quantity demanded and quantity supplied in order to changes in price or to one of its determinants. These are some terms relating to measure the elasticities in term of demand and supply: Price elasticity of demand, Arc elasticity of demand, Income elasticity of demand, Cross elasticity of demand, Price elasticity of supply (Gans, 2011). Price Elasticity of Demand: It can be stated as to what extent or to what degree, quantity demanded changes as an outcome of a change in price is called elasticity of demand. If we divide the marginal demand function by the average demand function (Gans, 2011), we will get elasticity of demand. Mathematically representation: Measurements of Elasticity of Demand (E) There are three methods adopted to measure the Elasticity of Demand 1. Total Quality Method This...
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...March 2, 2014 Mr. Steven Salvatore, CEO Hans Engineering Inc. 1500 NW Pine Street Albany, NY 10012 Dear Mr. Salvatore: In this document you will find the report that you requested in February. I have provided key information and made recommendations on a plan of action to expand Hans Engineering Inc. to the United Arab Emirates (UAE). My analysis highlights several areas that can directly impact your decision for the future expansion of Hans Engineering Inc. on a global scale. I provided information on the country, economy, business, culture, and possible locations to give credence on the viability of expanding to the UAE. The UAE is a trend setter in constructing unique buildings and robust infrastructure and is a solid prospective in which to make the headquarters for Hans Engineering International. This report will demonstrate that doing business in the UAE can be extremely rewarding for the company as it expands to an international market. I used several resources in establishing my analysis. The Central Intelligence Agency’s World Factbook, the U.S. Department of State, Embassy of the United Arab Emirates, UAE Interact, and Every Culture were all very helpful in answering my research questions. Thank you for choosing me to conduct research into the United Arab Emirates....
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...of UAE and France Economies Submitted to: DR. Asima Shiraz Usama Rehan Khan 4650578 | TBS905 ------------------------------------------------- A Comparative Analysis of UAE and France Economies Submitted to: DR. Asima Shiraz Contents Abstract 2 Introduction to UAE Economy 2 Introduction to French Economy 2 GDP (Gross Domestic Product) 3 Components of GDP 4 Consumption 4 Private Investments 4 Government Expenditures 5 Net Exports 6 Unemployment 7 Inflation 8 Exchange Rate 8 Critical Analysis of Economies 10 France 10 United Arab Emirate 11 Abstract This paper is an attempt to give the comparative analysis of the economies of France & UAE. Both economies vary in their structure, size and opportunities. This work tries to elaborate the economies by discussing variable like GDP, Inflation, Exchange Rate and Unemployment. It tries to give a clear picture of the past trends, factors influencing the variations and future predictions. It also involves the critical analysis of both the economies that what current scenario would shape up the future. Introduction to UAE Economy The UAE has an open economy with high sizable annual trade and per capita income. Since the discovery of oil in UAE more than 30 years ago the country has achieved economic diversification and reduced the contribution of oil and gas to GDP to 25 percent. UAE has transformed itself from desert principalities to a modern state with high standard of living. UAE government...
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...Opportunities for India and UAE In Bilateral Investments Soumen Pattanayak Institute of Management Technology, Dubai, United Arab Emirates Soumen.pattanayak08@gmail.com Rahul Hoare Institute of Management Technology, Dubai, United Arab Emirates rahulhoare@gmail.com ACKNOWLEDGEMENT This research paper is made possible through the help and support from everyone, Including: parents, teachers, friends, our institute IMT and in essence, all sentient beings. Especially, please allow us to dedicate our acknowledgment of gratitude toward the following significant advisors and contributors. First and foremost, we would like to thank Dr. Vimi Jham for her support and encouragement. She kindly read our paper and offered invaluable detailed advices on the theme of the paper. Second, we would like to thank our institute, Institute of Management Technology, Dubai for providing us a platform to do the research on Bilateral Investment. Finally, we sincerely thank to our parents, family, and friends for their encouragement. The product of this research paper would not be possible without all of them. About the author Rahul Hoare was born in Kolkata, India (1989). He obtained the B.E degree in Electronics and Telecommunication from University of Pune, India in 2013. Currently pursuing his Masters in Business Administration from Institute of Management Technology Dubai, UAE. Soumen Pattanayak was born in Angul, Orissa, India, in 1986. He received the B.Tech degree...
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... Co. Offaly, Ireland Programme: Bachelor of Business in International Business (2014-2015) Module: Doing Business in Global Markets Lecturer: Sharon O’ Brien Students: Charlotte Doyle (171259), Mariam Sillah (173100), Mahamud Abdelwahab (171843) , Robert Kennedy(172630), Slawomir Starzec (170799) Final date of submission: 7th November 2014 Word count: 3,892 TABLE OF CONTENTS 1. COMPANY DESCRIPTION 3 1.1 FOUNDING OF GLENISK 3 1.2 GLENISK PRODUCTS 3 1.3 COMPANY OPERATIONS AND ECONOMIC CONDITION 3 2. BENEFITS FROM ENTERING EMERGING MARKETS 4 3. POTENTIAL EMERGING MARKET FOR GLENISK COMPANY AND ARGUMENTATION 5 4. ENVIRONMENTAL AND CRITICAL OPERATIONAL FACTORS 6 4.1 POLITICAL 7 4.2 ECONOMIC 7 4.3 SOCIAL 8 4.4 TECHNOLOGICAL 8 4.5 LEGAL 10 4.6 ENIRONMENTAL 11 5.CRITICAL OPERATIONAL FACTORS 11 5.1 CULTURAL DIFFERENCES AND THEIR IMPICATIONS FOR BUSINESS OPERATIONS 11 5.2 RESTRICTIONS ON IMPORTS 12 5.3 ESTABLISHING A BRANCH IN THE UAE 12 5.4 SPECIAL REQUIREMENTS FOR FOREIGN NATIONS 12 BIBLIOGRAPHY 15 1. COMPANY DESCRIPTION 2.1 FOUNDING OF GLENISK Glenisk was founded in 1987 by Offaly dairy farmer Jack Cleary. After his death in 1995, it is a 2nd generation business as Vincent and Gerard Cleary took over the company along with their siblings Brian and Mark. In 1995, Glenisk converted to organic production. In 1996, the company introduced goats’ milk products which accounts for 20% of the turnover of the business...
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...for a country to progress, it is important for the country to have adequate economic growth and development and this growth is determined mainly by macro-economic factors such as Gross domestic product, money supply, foreign exchange rates, rate of inflation etc. This detailed project analyses the Macroeconomic indicators of two economies namely United Arab Emirates and United Kingdom. The report is a comparative analysis of the two countries over a timeframe of 10 years (2003 -2012). Section 1 deals with country profiles that briefly mention their geography, people, production followed by the next section that contains the respective countries macroeconomic indicators. Under this the major indicators will be explained...
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...culture in the UAE The elements and dimensions of culture include communication (language), religion, ethics, values and attitudes, manners, customs, and social structures and organizations. The understanding of these principles, relative to culture, is imperative to the success of international businesses, marketing scholars, and practitioners alike. Within this insight lies approved goals and objectives to meet the needs of merchants and consumers internationally. Social Structure of the UAE The UAE is one of six members belonging to the Gulf Corporate Council (GCC). It is also a member of the United Nations (UN), International Monetary Fund (IMF), Oil Product Exporting Countries (OPEC) and the World Trade Organization (WTO) (Rees, C. J., Mamman, A., & Braik, A., 2007). Compared to other nations in the Middle East, the UAE is regarded as the most politically stable (Akoum, 2008). After declaring its independence from British parliament in 1971, the UAE formed a federation of seven independent emirates (Akoum, 2008). Those emirates are: Abu Dhabi, which is the largest city and capital of the UAE, Dubai, Sharjah, Ajman, Umm Al Qaiwain, Ras Al Khaimah, and Fujairah. Governed by Hereditary rule, each emirate consists of a Sheikh from the supreme council of rulers who work alongside a Crown Prince and a deputy ruler (Rees, et. al., 2007). These rulers control general policy and federal laws. Values and attitudes In keeping with Islamic tradition, families in the UAE share the...
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...UNITED ABRAB EMIRATES PEST ANALYSIS: POLITICAL: The stable political situation of UAE enough to attract almost any major financial institution that needs to invest. These financial institutions can assist in accessing capital markets emerging within the UAE economy. the banking system developed my emirates is a relationship based system of banking with the monetary policy and system capable enough to fulfill funding supplies of a later stage that may be equity leasing or loans (John, 2010). ECONOMIC: Out of three million population of UAE 60% of them are in the workforce. In the UAE economy the level of FDI is very high. Globalization has helped improve the UAE economy greatly by bringing in thousands of workers, services and products from throughout the world. UAE has been a member of World Bank, WTO and IMF for seven years. The country has huge wealth and has experienced trade surplus of approximately over 100 billion dirham in the past year (Tomlinson, 2010). SOCIAL: All of UAE citizens have high living standard, a western lifestyle and continues rising financial positions. The society remains free and open to all types of restaurants, tourism, sport and recreational activities. The multicultural nature of society and economy existing in UAE allows fir many of the foreigners to work there in well paid positions (Cateora and Graham, 2007). TECHNOLOGICAL: The UAE population comprise of young and extremely technologically knowledgeable professionals. The IT industry...
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