International market development | Comprehensive analysis of UAE's economy and market conditions
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Author : Bozhou Marine
Update time : 2020-12-29 16:18:45
In this article, we mainly introduce the basic situation of the UAE market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, infrastructure, GDP, foreign exchange reserves, employment, prices, taxes, etc.
The United Arab Emirates (English: The United Arab Emirates), referred to as "United Arab Emirates", is a West Asian country located in the east of the Arabian Peninsula in southwest Asia. It borders the Persian Gulf to the north, Qatar to the northwest, and Saudi Arabia to the west and south, and to the east. It borders Oman to the northeast and the Gulf of Oman to the east. The United Arab Emirates covers an area of 83,600 square kilometers and has a tropical desert climate with occasional sandstorms. As of December 2019, there are 7 emirates in the United Arab Emirates, with the capital being Abu Dhabi.
Capital Abu Dhabi (English: Abu Dhabi) is the capital of the United Arab Emirates and the capital of the emirate of Abu Dhabi, United Arab Emirates.
Abu Dhabi is located on the west coast of the United Arab Emirates, on a T-shaped island in the Persian Gulf. About 1.8 million people lived in Abu Dhabi in 2006, and 80% of the population were immigrants from other countries. Oil has changed the destiny of Abu Dhabi. Because Abu Dhabi has the fifth largest oil deposit in the world, the wealth of oil has allowed the al-Nahyan family to ascend the throne of the UAE president. Sheikh Rashid bin Saeed, Governor of Dubai al Maktoum) ascended the throne of prime minister.
Main City Abu Dhabi
Abu Dhabi (Arabic: أبوظبي; English: Abu Dhabi) is the capital of the United Arab Emirates and the capital of the emirate of Abu Dhabi, United Arab Emirates. Located on the west coast of the United Arab Emirates, on a T-shaped island in the Persian Gulf. The total area is 67,340 square kilometers, and the total population in 2006 was 1,850,230 people.
Abu Dhabi - Photo | Google
Dubai is the largest and most populous city in the United Arab Emirates. It is also an international metropolis and the second largest emirate after Abu Dhabi. It is the economic and financial center of the Middle East, the richest city in the Middle East, and it also ranks among the richest cities in the world. The total area of Dubai is 3980 square kilometers, of which the total area of the metropolitan area is 1287.4 square kilometers, and the total population in 2013 was 2.371 million.
Dubai - Photo | Google
Sharja is a famous cultural city in the Middle East, and the Quran Monument Square is the cultural center of Sharjah. The total area is 2,590 square kilometers, and the total population in 2013 was 600,000.
Sharjah - Photo | Google
Ajman (Ajman, also known as Ujman) is located on the coast of the Persian Gulf and is the smallest member of the UAE with a total area of 260 square kilometers and a total population of 235,000.
Umm Al Qawan (Arabic: إمارةأمالقوين) is located on the west coast of the Oman Peninsula in West Asia. It is one of the constituents of the UAE and the country's least populous emirate, with a total population of only 14,000 and an area of about 800 square kilometers.
Emirate of Fujairah
The Emirate of Fujairah (English: Fujairah), also known as Fujairah, is located in the eastern part of the Arabian Peninsula, along the Gulf of Oman, and is the fifth largest emirate in the UAE. The total area is 1,500 square kilometers, and the total population in 2004 was 130,000. Unlike the other six emirates of the UAE, Fujairah has a mountainous terrain, which results in more rainfall.
The UAE belongs to the third district of the East 5 hours later than the Beijing time (East 8th district time) adopted by China. For example, at 10 am on February 1st, Beijing time in China, the time in the UAE is 5 am on February 1st.
Population and Ethnicity
9.3 million, 88.5% of foreigners, mainly from India, Pakistan, Egypt, Syria, Palestine and other countries.
Arabic is the official language, and English is commonly used.
Main Holiday Islamic New Year: January 1st of the Islamic calendar Prophet Muhammad’s birthday: Iraqi calendar March 12th Dengxiao Night: Iraqi calendar July 27th Eid al-Fitr: Iraqi calendar October 1st-3rd The anniversary of the establishment of the UAE Federal Government: December1st of the Western calendar: Day of Arafat: December 9th in the Iraqi calendar UAE Army Day: December 10th in the Western calendar Gurbang Festival: December 10-13 in the Iraqi calendar New Year: January 1st in the Western calendar: New Year in the Western calendar; Sheikh Zayed’s death day: November 2nd of the Western calendar: National Day: December 2nd of the Western calendar: Camel Race: Unscheduled: (event location: Abu Dhabi);
Camel Race - Photo | Google Natural Resources
The United Arab Emirates is rich in oil and natural gas resources, with proven oil reserves of approximately 13 billion tons and natural gas reserves of 6.1 trillion cubic meters, both ranking seventh in the world.
Main Industry Industry
The UAE is dominated by the petrochemical industry. In addition, there are industries such as natural gas liquefaction, aluminum smelting, plastic products, construction materials, clothing and food processing.
Tourism Service Industry
The tourism industry in the UAE has developed rapidly in recent years, and the hotel construction industry continues to grow. It can be predicted that in the next few years, the hotel construction industry will grow at an annual rate of 7%, with Dubai accounting for the largest proportion. 75% of the hotels are located in Dubai. It accounts for two-thirds of the total number of rooms and beds in the UAE, and its growth rate is also the fastest.
Great downward pressure on the economy
In 2019, the total GDP of the UAE society was 1,546.645 billion dirhams, equivalent to 421.14 billion U.S. dollars, an increase of 2.9% year-on-year, and the per capita GDP was approximately 44,300 U.S. dollars.
How does this per capita GDP rank in the world? It is probably between 25 and 30, which is equivalent to the Israeli per capita level, but higher than the United Kingdom (approximately US$42,300 per capita), France (approximately US$40,500 per capita), and Japan (approximately US$40,200 per capita).
UAE GDP growth rate trend chart over the years | TRADING ECONOMICS
The UAE's economy and national fiscal revenue are still high in oil. In 2020, due to the global pandemic of the new crown pneumonia epidemic, which has a major impact on international trade and supply chain activities, global oil prices have fallen sharply. Coupled with the introduction of travel restrictions, the UAE’s economy is under tremendous pressure.
UAE Central Bank: GDP is expected to shrink by 6% in 2020, compared to the previous forecast of 5.2%.
Steady growth in foreign exchange reserves
The UAE's foreign exchange reserves trend chart over the years | TRADING ECONOMICS
According to data from the Central Bank of the UAE, as of February 2020, the net foreign exchange reserves of the Arab banking industry (including the central bank and domestic operating banks) have increased to 487 billion dirhams (approximately US$133 billion), an increase of 0.8% compared to the end of last year .
Inflation rate continues to fall
UAE inflation rate trend chart over the years | TRADING ECONOMICS
According to the 2019 inflation rate monitoring rankings of 188 countries around the world released by the American magazine CEO World, the UAE’s 2019 inflation rate was -1.5%, ranking 5th in the world in descending order of inflation rate.
The UAE’s inflation rate outperforms all Western countries, including the United States (1.8%), Luxembourg (1.8%), Canada (2%) and the United Kingdom (2.15%).
In 2020, the UAE will not levy corporate income tax and personal income tax.