Home > Business & Economy
  Shining above the Rest Economically UAE in Yemen celebrates its 36th National Day
  Written By:  Moneer Al-Omari (YEMEN POST STAFF)
  Article Date: December 3, 2007

 

December 2nd marks the 36th anniversary for the formation of the United Arab Emirates (UAE), following the unification of seven Emirates – Abu Dhabi, Dubai, Sharjah, Ras Al-Khaimah, Fujairah, Um Al-Qaiwain and Ajman – under the leadership of late Sheikh Zaid bin Sultan Al Nahyan.

 

UAE has one of the fastest growing economies and enjoys ample reserves of oil and gas, a source for the country's prosperity. The nominal Gross National Product is growing by 23.4 percent, 600 million dirhams ($163billion). The country is ranked the fourth and fifth as to the world reserves of oil and gas respectively. It produces around 2.6 million barrels a day and there are ambitious plans to raise the capacity to 4 billion in the next decade.

 

Meanwhile, the country enjoys one of the best infrastructure projects in the Middle East with huge investments in health, education, energy, transport, etc.  Emirate citizens enjoy free and excellent schooling and health services.  They also enjoy a luxurious standard of life and life expectancy for both men and women has prolonged markedly.

 

According to 2007 report, the Geneva-based World Economic Forum ranked UAE among the best countries in the Middle East as to the Global Gender Gap. The country came in the place number 105; however, it achieved the second rank as to the gender equality. Women are contributing to the development of the country and ladies won over 22 percent of Parliament seats during the recent elections conducted in 2006. Two ladies assume ministerial posts.

 

The population of UAE mounting to 4.2 million comprises a small percentage of Emirates by origin while the rest acquired the Emirate nationality, mostly from Arab countries, South Asia and Europe.

 

UAE is a pulling environment for investments and Dubai is counted one of the world leading attractions of capitals. 60 percent of capitals in Gulf countries invest in the UAE, which has been a center of attraction for skilled and trained people from across the globe.

 

Seeking to diversify its income sources and give up dependence on depleting sources of income like oil and gas, the country has started a daring plan to commence heavy industry and to upgrade services sector including air transport, banking and finance, tourism and property development. Now, just one third of the income comes from oil and gas, while the rest comes from non-oil economics.

 

Despite its late launch in 1985, Dubai-based Emirates Airline is one of the fastest growing airlines in the world and has received more than 300 international awards for excellence. Emirates now has more than 80 destinations in Europe, the Middle East, the Far East, Africa, Asia, Australasia and North America. State-owned and privately owned companies started to undertake overseas investments and these helped develop the national economy. The aviation market includes as well the Abu-Dhabi-based Etihad and low-cost carrier Al-Arabia that introduced new destinations to their networks.  

 

The Federal Government announced a new strategy to develop the seven Emirates in collaboration with the local authorities and launched long-term plans. Such a strategy has been accompanied by a boom in construction sector and among the iconic examples come the man-made Palm Island, Al-Arab Tower, which aim to hold the increased number of needs for residences and offices. 

 

Other plans relate to develop tourism sector and the country has been of attraction to tourists, mainly under the stability and security enjoyed there. The number of tourists visiting Dubai alone reached 5.1 million over the first nine months of 2007. Thus, the Federal Government and local authorities pay a great attention to Emirate heritage and work on finding new means for attraction through building resorts, hotels, etc.

 

The country is a real mover in relief and financial support program throughout the world, especially those parts of the world affected by natural disasters and conflicts. For that end, Abu Dhabi Fund for Development was established.   

 

Since its establishment, UAE has implemented different aid projects in Yemen including rebuilding Mareb Dam in 1982, together with several projects. The country was a major player in London's donor conference when Yemen received pledges of $4.7 billion in easy loans and grants.