Over the last few decades, the UAE has become one of the world’s fastest-growing economies in the world. The country has become known for its business-friendly free zones and rapidly expanding economy, and continues to be the hub of global trade. In 2020, the country saw a whopping $359 billion increase in its GDP, which underscores the UAE’s copious natural resources which account for 10 per cent of the world’s oil reserves and the fifth-largest natural gas reserves globally.
Oil exports have become a central plank of the UAE economy, making up around 30 per cent of the country’s overall GDP until recently. However, the UAE’s aggressive economic diversification programme is rapidly transforming its economy into a knowledge-based and technology-centric economy. The country is also working hard to attract and retain top global talents and has revamped its visa system to welcome such workers for longer periods. As a major energy exporter, the country is now also a significant energy consumer. From real estate to hospitality and commercial operations, the UAE has become an investor’s paradise.
Diverse, Vibrant Economy
The UAE commands significant respect in the business world, and the benefits of doing international trade through the GCC country have been recognised by a host of companies globally. Kearney, a global consulting firm, ranked the United Arab Emirates as one of the top 25 best countries in the world for delivering business services to global companies. The UAE is also ranked among the top 25% of the least corrupt nations in the world, according to Transparency International and the World Bank’s Worldwide Governance Indicators for controlling corruption.
Set to Outdo Saudi Arabia as Gulf’s Fastest-Growing Economy
According to the IMF’s most recent projections, the UAE’s economy will grow at the quickest rate in the Arabian Gulf by 2023. The UAE economy will expand by 4.2pc in 2023, outperforming the economies of Saudi Arabia (3.7pc), Bahrain (3pc), Oman (4.1pc), Kuwait (2.6pc), and Qatar (2.4%) to become the fastest-growing in the Arabian Peninsula.
Conclusion:
Given the above, it is safe to say that the UAE is a great place to start a business or park your money through smart investments. The country is known for its lofty ambitions throughout the world and has also become adept at reaching those goals. As a fast-expanding economy, it presents a multitude of opportunities to businesses, investors, as well as exceptional talents working hard to make their name in the world of business.