...Emirates Uae Economics Essay In less than four decades, the United Arab Emirates, a relatively young country, changed from a huge desert to a country that is known today as one of the best in the world to live in. The UAE is a federation of seven monarchies: Abu-Dhabi, Dubai, Sharjah, Ajman, Fujairah, Ras AL- Khaimah and Umm al-Qaiwain. The country is located in the Middle East and is part of the Gulf Cooperation Council which is an economic alliance of six countries bordering the Arab Gulf. Its law is based on Sharia but the UAE is one of the most liberalized countries in the GCC: others beliefs and religions are tolerated. The economy is heavily depending on oil wealth despite the government's efforts to diversify the sources of income. The population is mostly comprised of expatriates (88.52% of the total population in 2010 as per the National Bureau of Statistics estimates). Abu Dhabi, which is known as the driving force in economic, political and decision making process, account for about 90 percent of the oil production, and oil contribute 56% of the entire GDP of the emirates. Dubai is actually the main responsible for the remarkable growth witnessed in the majority of the UAE non-oil sector, Dubai serves as the financial hub in the whole middle east, with commerce, transportation, services and tourism as the driven force of the economy. Its GDP has experienced an exponential growth of around 245% from 2000 to 2011. In the UNDP's Human Development Report 2011, the UAE has...
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...The UAE currently has one of the fastest growing economies in the world The GDP of the UAE ranks 30th in the world (At $360 billion in 2012) Tourism is one of the main sources of revenue in the UAE Although the UAE has become less dependent on natural resources as a source of revenue... petroleum and natural gas exports still play a crucial role in the development of the economy , especially in Abu Dhabi A massive increase in construction around the country, expansion of manufacturing activity and a thriving services sector are helping the UAE to make it's economy more diverse.. OPEC(Organization of Petroleum Exporting Countries) and WTO (World Trade Organization) are the main trade organizations in the UAE with the largest trade partner being India.. Main import partners are: India,China,USA,Germany,Japan Main export partners are: India,Iran,Japan,Thailand,Singapore,South Korea Emiratization : The initiative by the government to employ its citizens in a meaningful and efficient manner in the public and private sectors The UAE is a very cosmopolitan and multicultural society , as a result there is a growing number of foreign-influenced schools, cultural center and restaurants. The primary religion of the UAE is Islam and the language being Arabic.The Emirati people are the native people that dominated the land for centuries. Arab descendants of the Bani Yas clans, Al Nahyan and Al Maktoum royal families in Abu Dhabi and Dubai, respectively, represent the leadership of Emiratis...
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...Role of banks in Economy • Life line of an economy (transfers money from surplus to deficit) • Credit provision (Fuels business, growth and Entrepreneurship) • Liquidity provisioning (Credit in times of urgent need) • Remittance of money, access to foreign exchanges and commodity markets • Risk Diversification Banking sector in UAE • Emirates NBD, Dubai Islamic Bank • ADCB, NBAD, ADIB • RAK Bank, FGB, Noor Bank • Standard Chartered, Barclays, Citibank, HSBC Sector Status (Healthy) • Most of the country’s biggest banks have transformed their business models in the past couple of years to get more money from services that command fees, such as asset management, brokerage and trade finance, rather than relying exclusively on interest from loans which have been compressed • Lenders have also largely cleaned up bad loans dating back from the financial crash of 2008, making them more resilient to any shocks. Total Debt/GDP is around 100% - 10% rise y-o-y. • Banks again anticipate a robust quarter. The provisioning cycle is fully behind and sector is expected to keep continued growth in commercial momentum. • In the first quarter of the year Emirates NBD led the sector with earnings ofDh1.67 billion, a 60 per cent year-on-year gain • Arqaam expects that the UAE banks that it rates will have a consolidated earnings growth of 15.9 % in the second quarter. Another agency expects the growth to be around...
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...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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...SHARJAH HIGHER COLLEGES OF TECHNOLOGY PROJECT COVER SHEET- (ASSESSMENT 2) [20%] Course Name | ECON N400 | Faculty Name | Angelo Olo | Project Title | Outlook of the UAE Economy | Due Date | Nov. 4, 2012 | Section | | Date Submitted | 3-11-2012 | Student Name | --- | Student ID | --- | This assessment will assess the following Learning outcomes: This assessment will assess the following learning outcomes: * LO 2: Analyze patterns of economic activity in the UAE from an oil-based economy to development of the non-oil sector. * LO 3: Evaluate the role of the non-oil sectors on the UAE economy. Declaration; Individual: * No part of this assignment has been copied from another source, (not from another group or student, an internet source or a book). * When another person’s words are used, this is shown in the text with “…” and referenced. * No part of this assignment has been written for me by any other person. * I have a copy of this assignment that I can produce if the first copy is lost or damaged.Name ………………………………………………… Signature …………………………………………….Declaration; Group: * No part of this assignment has been copied from another source, (not from another group or student, an internet source or a book). * When another person’s words are used, this is shown in the text with “…” and referenced. * No part of this assignment has been written by anyone other than the members of the group named below. * We have a copy of this assignment that...
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...Islamic Architecture in the UAE Many cities all over the world are developing to become important urban areas in all respects like Tokyo, New York and Mumbai. Every city has some reasons for their develop like building factories, importance of the location and much more. On the other hand there are some cities that had decline like Detroit, Flint and Cleveland because they only have depended on one resource for income. Abu Dhabi has grown through its economic vision and it is trying to sustainable its development through diversification to avoid declining. Development and growth in cities is shown through some reasons. The strategic location of the city. For this reason, most major cities are on rivers or at the junction of important overland routes (City, 2008). Moreover some cities owe for the importance of religion and became centers of worship (City, 2008). For example the city of Rome survived the collapse of the Roman empire because it was the capital of western Christendom (City, 2008). Early cities that developed strong military forces added to their territory, wealth and importance by conquest. Favorably located settlements often became large and prosperous through commerce (City, 2008). Also some modern cities owe to their development and to the fact that they were built as national capitals. Like Washington, D.C; Canberra, Australia (City, 2008). Climate also is a an important factor; the cities of Florida owe much of their growth to the state’s...
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...specific data from UAE on the subject. I will present my conclusions. Slide 3: Women and Economic Development Woman’s participation is very important for economic development. In developed countries like the USA, Germany etc. women contribute over half of the GDP. In developing countries, women participation is also very high, especially in export sector. e.g. China, Thailand, Indonesia etc. According to Australian Prime Minister, 180 billion dollars per year can added to the economy by participation of women in Australian economy. Slide 4: Country Trends In this slide, I would like to show women’s participation in workforce in different countries. In the United States, since the 1920, the gap between woman and man participation was very wide. It is now narrowing down to an extent where women and men would equally participate in the workforce. In the second graph, countries like Denmark and Sweden have over 70% of their women are employed. This high participation is seen in Canada, Britain, US and all other developed countries. Slide 5: Contribution to Development This graph shows how woman’s participation in workforce has contributed to the GDP of the country. In two decades, the woman’s contribution to economic growth has been remarkable. It is highest in Sweden with over 45% contribution to growth in 20 years. In Denmark it is over 40% for the same time period. In UK, the growth contribution to ecocomy by women is around 30% Slide 6: UAE Data In UAE, 30% of total...
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...Business Development Manager you need to conduct research on various aspects of the business environment. Task 1: understand the nature of the national environment in which businesses operate: INDIVIDUAL REPORT DATED DECEMBER 3, 2012 P4: Explain how economic systems attempt to allocate resources effectively P5: Assess the impact of fiscal and monetary policy on business organisations and their activities P6: Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organisation. P7: Explain how market structures determine the pricing and output decisions of businesses Guidelines to achieve P4, P5, P6 and P7: • Discuss different types of economic systems like socialism, state economy, and other economic systems • Assess how each economic system attempts to allocate resources effectively; • Explain all the UK government policies...
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...Leading Research DeAnne Aguirre Leila Hoteit Christine Rupp Karim Sabbagh Empowering the Third Billion Women and the World of Work in 2012 Contact Information Abu Dhabi Leila Hoteit Principal +971-2-699-2400 leila.hoteit@booz.com Beirut Ghassan Barrage Senior Executive Advisor +966-1-249-7781 ghassan.barrage@booz.com Cairo George Atalla Partner +20-2-2480-1444 george.atalla@booz.com Dubai Karim Sabbagh Senior Partner +971-4-390-0260 karim.sabbagh@booz.com Milan Luigi Pugliese Partner +39-02-72-50-93-03 luigi.pugliese@booz.com Mumbai Jai Sinha Partner +91-22-6128-1102 jai.sinha@booz.com Munich Klaus-Peter Gushurst Senior Partner +49-89-54525-537 klaus-peter.gushurst@booz.com New York Reid Carpenter Principal +1-212-551-6389 reid.carpenter@booz.com Riyadh Mounira Jamjoom Senior Research Specialist +966 1 249 7781 mounira.jamjoom@booz.com San Francisco DeAnne Aguirre Senior Partner +1-415-627-3330 deanne.aguirre@booz.com São Paulo Ivan de Souza Senior Partner +55-11-5501-6368 ivan.de.souza@booz.com Shanghai Sarah Butler Partner +86-21-2327-9800 sarah.butler@booz.com Stuttgart Christine Rupp Partner +49-711-34226-916 christine.rupp@booz.com Tokyo Akiko Karaki Senior Associate +81-3-6757-8709 akiko.karaki@booz.com Booz & Company Booz & Company 1 Booz & Company wishes to thank the experts who contributed their valuable time and insights to the Third Billion Index: • Rajnee Aggarwal, President, Federation of Indian Women Entrepreneurs (FIWE) • H.E. Fatima Al...
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...and focus. Unlike its neighbors, the city and the UAE as a whole, has developed into a diverse economic state that has become a center for business and tourism. Although the city was built on the oil industry, it is the city’s current model of business that has driven its economy. Many of the city’s main revenues come from tourism, real estate, and financial services. Typically overlooked, it is Dubai’s economic development strategy that has kept the city profitable and growing. Dubai’s economic development strategy has implemented many strategies that the government believes will help ensure long term stability and sustainability. One tactic the government has developed is the implementation of free zones. These free zones have been designed to contribute to Dubai’s growth and development. One main item is involved with these zones however—the legal status of the companies within these zones. These companies are treated as foreign companies operating outside the UAE. Most sales of the companies located in these zones are exported without any tax being imposed. Owning a company in a free zone allows for 100% retention of profits (Reed). The free zones in Dubai include financial centers, media centers, and technology centers. Dubai has also taken up a large investment in the real estate sector. This has allowed Dubai’s construction and tourism industries to boom, and in result, have diversified the city’s economy. One other economic development strategy Dubai has...
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.... How Can Azerbaijan Diversify Its Economy Away from Petroleum Dependence to More Sustainable Economic Development? June 2012 By Nurana Mammadova* It is known that the "black gold" is the main supplier for the state budget of the Azerbaijan Republic. Approximately 74% of the state budget derives from the proceeds of oil and petroleum products, and therefore the economy is almost entirely based on the oil industry. All this warns us against a very disastrous problem. If we have abundant oil resources, it does not mean necessarily that we should generally use only them. After all, the rest of industry, agriculture, services, and so on remain on the sidelines. At the same time, there is potentiality for the development of other economic sectors, namely the agriculture, industry and other sectors. The problem is that as a result of Azerbaijan's economy dependence on oil, we did not pay much attention to the comprehensive development of our economy. And this in turn is negative for the economic development: that’s the reason why Azerbaijan is not able to be classified as a more developed country. In addition, it is known that the GDP index is the economic indicator for the development of a country. In the eventuality that a large part of the GDP derives from the exploitation of natural resources, this country can hardly be considered as developed. For example, Saudi Arabia's per capita GDP is almost higher than...
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...to have begun in the year 2007-2008. After the great depression US economy suffered a short term recession in 2001 but came out with it adequately. It also wide stood dotcom bubble bust, attack by terrorists and accounting scandals. Federal government decreased it rate 11 times from 6.5 in 2000 to 1.7% from the year 2000 in order to increase its liquidity in the economy. A man with no job, no income and no asset was able to afford a house mortgage. This rate was decreased to 1% in June 2003. In 2004 country’s elite banks like Lehman brother, Goldman sacs, Merrill lynch, Morgan & Stanley were relaxed with the net capital requirement 30-40 times. (Sivakumar and Krishnaswami, 2012)But after saturation point problem started rising with the rising interest rates. In 2007 it turned out to be a bad new when federal fund rate reached 5.25% in 2006. Many banks got erupted and with shortage of money. Central banks in several countries like UK, Europe central, Sweden, Canada, Switzerland, china etc help in adding world economy but failed. This economic crisis also exploded the economies of Arab nations, Japan, UK, Ireland, Greece, China etc. The consequences faced by these countries in the meltdown were low GDP, high inflation, low deflation, volatile stock market, increasing unemployment, crash in real estate sector, low corporate profits, depreciation of assets and many more. These outcomes are affecting world economy since last few years but now there is an optimistic indication for...
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...Introduction In this new era, almost every aspect of the economy is impacted by globalization. More countries are getting engaged in trading with each other in order to increase their profit or protecting them from being eroded by competition. Companies must be able to adapt their policies to respond to new global market challenges. The global managers have to serve the global demand rather than just focus on the local demand. Therefore, innovative and effective strategies should be designed and implemented to enable firms to capitalize on global market opportunities while carefully managing its inherent threats in order to attain long-term victory. Multinational corporations (MNCs) are companies who move across their home countries borders to conduct business in foreign markets. They ordinarily consist of a parent company located in the home country and at least 5 subsidiaries. These MNCs are company who deals with the globalization. They specialize in production and export those goods that they can produce with the highest relative efficiency and import those good that other nations can produce relatively more efficiently. The emergence and activities of MNCs played an important role and had impacted a huge extent on the concept of globalization. The MNCs create foreign direct investment (FDI), which is defined as a company from one country making a physical investment into building a factory in another country. The FDI are important to a country as it helps to attract...
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...units globally competitive. This draft report is prepared for setting up Special Economic Zone NOIDA in Ghaziabad district in NOIDA in the state of Uttar Pradesh. The draft report is being prepared by New Okhla Industrial Development Authority based on the report prepared by consultants for the Govt. of UP for setting up Taj Special Economic Zone is District Bulandshahar in the State of Uttar Pradesh. SEZs - A global Overview: Most of the countries in the world have ridden SEZ/FTZ vehicle in attracting FDI, increasing international trade and attaining over all economic development Since 1950's most of the countries in the world have adopted export zone for example US, Puerto Rico, Taiwan, Singapore, Ireland, Mexico, Kore, Dubai, UAE and currently Coastal China for faster economic development of the region SEZ models have been implemented in more than 100...
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...between richer and poorer nations, and capital flows expanded as European companies started operation in other parts of the world * In late 20th century, globalisation was shaped by: emergence of free market ideas, de-regulation of world financial markets, emergence of WTO, GATT, IMF, NICs, opening of large economies of China and India, development of global marketing; global marketers view the world as one market and create products that fit various regional marketplaces. GLOBALISATION: * Increasing interconnection in the world’s economic, cultural and political systems. FORMS OF GLOBALISATION: ECONOMIC: under both the GATT and its successor WTO, world trade has expanded rapidly; TNCs have increased economic interdependence and several generations of NICs have emerged CULTURAL: western culture diffused to all parts of the world through media POLITICAL: influence of nation states diminished in many areas as more and more countries organised themselves into trade blocs; influence of Western democracies on developing countries has also been strong GLOBALISATION CAN BE SEEN IN TERMS OF: URBAN: hierarchy of global cities emerged to act as centres for global economy DEMOGRAPHIC: growth of international migration + rise of cultural societies LINGUISTIC: emergence of English as working language of the ‘global village’ ENVRIONMENTAL: impact of activity in one country has clear impact in others (e.g. pollution) PROCESSES OF GLOBALISATION: DEVELOPMENT CONINNUM CONT’ [GLOBAL...
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