The UAE has an open economy with a high per capita income of $40,200 ranking 21st among the world. The discovery of oil in the UAE happened more than 30 years ago. Since then, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices slowed GDP growth in 2010. The economy is expected to continue a slow rebound. However, the GDP is $199.8 billion ranking 53 among the world and continuing to grow at the rate of 2.3 %. In UAE, expatriates account for about 85% of the work force. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
The reserve of foreign exchange and gold is $39.1 billion favouring the country's balance of payments needs. The population of UAE is 8,264,070 in 2010 and growing at the rate of 3.56% every year which is fourth highest among the world. Females constitute 32% of total population
Supply Chain of Gold Industry (Supply Chain Management)
In general, the overall supply chain of any industry undergoes certain stages from demand creation to supply such as customers, retailers, Wholesalers/distributors, Manufacturers and Component/raw material suppliers. These stages can be broken down into the following four process cycles as below:
• Customer order cycle
• Replenishment cycle
• Manufacturing cycle
• Procurement cycle
The Successful supply chains manage flows