United Arab Emirates: Facts & Stats

ECONOMY

Industry:

The process of industrialization gathered momentum after the formation of the federation in 1971. By 2002, manufacturing was second only to the oil sector in contributions to economic output. To diversify the economy, in the early 1990s the UAE introduced new industries, including aluminum, cement, pharmaceuticals, fabricated metals, processed foods, fertilizer, and explosives. Manufacturing as a percentage of GDP rose from 3.8% in 1980 to 7.7% in 1990 to 8.7% in 1995 to 15.1% in 2002.

According to the statistics of UAE's Ministry of Finance and Industry (MOFI), there were 2,153 registered industrial establishments in 2000 (up from 1,261 in 1995) employing 176,260 people. Forty percent of the units—854—were in Dubai, which also accounted for 46.7% of industrial investment ($3.6 billion of $7.76 billion). Abu Dhabi accounted for 25% of investment ($2 billion) but only 10% of industrial units (235). Sharjah and Ras Al-Kaimah had industrial investment of $790 million and $763 million, respectively, each about 10% of the total. Outside of the oil sector, chemicals commanded the largest portion of investment (14.5%), with food and beverages second (11.2%). Metal production accounted for 3.6% of industrial investment and garments 0.8%.

Agriculture:

Agriculture accounts for only 3 percent of the UAE's GDP due to the federation's severe climatic conditions, although it accounts for 20 percent of all water consumed, much from rapidly-depleting natural water supplies or desalinization projects. The UAE's agricultural sector annually produces about 600,000 tons of produce. The federation's chief crops are cereals. The UAE produces enough poultry and salad to meet its needs for most of the year. Some crops, such as tomatoes, are grown in quantities greater than what the UAE consumes in a whole year. The agriculture sector also produces water-melons, eggs, cucumbers, gherkins, aubergines (egg-plants), green chilies, peppers, and dates.

Because a high proportion of UAE nationals are employed in fishing and agriculture, these 2 sectors receive a disproportionate amount of federal and local funding. For political reasons, the UAE government will continue to encourage agricultural self-sufficiency but it is aware that this goal is unattainable in either the short-or long-term.

Investment:

The stock market capitalisation of listed companies in the UAE was valued at $225,568 million in 2005 by the World Bank.

The best product in banking was the MashreqMillionaire brand that was headed by Dubai's own pseudo-celeb, Talha-Khan Aquil. The product out performed most national and international savings products and was considered the jewel in the Mashreq Bank crown.

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