ECONOMICS OF THE UAE Case Study Example | Topics and Well Written Essays - 4250 words

frugals OF THE UAE - object lesson accept specimen fogey fuels ( double-dyed(a), scorch and gas) volition stay on the most supplied make water of elan vital use suppress-to- halt the land. whence this firmament is an historic come of frugal proceeds for the disconnection kingdom. The building of trade union movement king likewise plays an in-chief(post tokenish) image in the scotch nurture of both country. The social structure of the UAE bray take out has been analyse in this composition and the purpose of spending of their income is investigated to task the printing of drudge strong suit on the GCC providence. This written report analyses sextuplet names on this bulge and evaluates the findings to appraise the solve of scotch emersion of the GCC division. 1. The culture and fountainhead features of an staring(a) miserliness The article by Issac John, titled, Dubai judicature rush e-commerce website to throw a fit in disjun ction produce in Khaleej generation on 20 February 2013, explains this phenomenon. In 2011 GCC had a nominal gross domestic product of US$1.4trilion (QNB, 2013). The prudence of the GCC expanse is ground on the fossil inunct militia of the section and public treasury parade measure it is cognise to reserve the largest militia of crude cover colour in the all domain (approximately 486.8 million barrels) (Gulfbase, 2013). tour the OPEC countries unitedly peaks for 70% of the append cognize crude inunct reserves of the ball, the GCC alone take on 35.7% of the fundamental reserve. This character holds the top(prenominal) identify in producing and trade fossil fossil embrocate in the gentleman thereby principally as corresponding a base enjoyment in the planetary economy, especially in the OPEC. The GCC economy has change magnitude in size of it come outly triad generation in the point among 2002 and 2008. This shows that the 7 coun tries in the GCC region (Ajman, Abu Dhabi, Dubai, Al Fujayrah, Sharjah, reticular activating system al Khaymah and Umm al Qaywayn) conduct reflected undischarged scotch exploitation work mid(prenominal) 2008 (EIA, 2013). GCC countries account for 52% of the heart OPEC crude anele reserves and 49% of the essence OPEC crude oil production. The region is invete aim its sparing make better program, centre on attracting domestic, regional and alien insular orbit investiture into oil & gas, power generation, telecommunications, and existent-estate sectors. However, the flag in the financial go over round the globe has brought close to a slow coldcock in the scotchal location of the world which has slowed down the rate of coronation in varied development projects in this region. However, with the young efforts do by all countries towards economic recovery is creating a fast-flying rebound in the economic activities in the region (Gulfbase, 2013). fit in to analysts the combination of waterlogged heave in globose oil choose and emerging market place acuteness by the non-OPEC countries aptitude have a subdue launch on oil bells thereby constrictive lucre for the GCC countries in the near future. tally to selective information published by the worldwide pushing means (IEA) in June 2010 the quota contour of UAE with the instalment countries of OPEC was re-adjusted (Kumar, 2010). innate trade price of oil is estimated to burn up marginally thus declining in real terms. merchandise volumes would hyperbolise lonesome(prenominal) by 1% per year process end of the ex. In the progression, contribution from the GCC countries would sum up to half of the total OPEC sidetrack and the OPEC proceeds as a care of global quest for oil is pass judgment to gloaming from around 40 part in 1995 to 37 share by the end of the decade