Published On : 17-Jan-2022
The nation of United Arab Emirates lies on the Arabian peninsula on the coast of the eponymous sea. Its neighbours include Oman, Saudi Arabia, Iran and Qatar. After independence from the British Empire in 1971 and subsequent amalgamation of the emirates, the UAE has built an economy based on the exploitation of immense oil and natural gas reserves. Currently, the country is characterised by the World Bank as a high-income economy. The infrastructure within the cities is equal to any western metropolis with a trade-friendly environment.
UAE’s megacities such as Abu Dhabi and Dubai draw tourists from across the world to their modern architectural wonders and the beautiful landscape of the Arabian desert. Tourism is, therefore, the primary income source of the nation after oil. While Abu Dhabi has one of the world’s largest reserves of oil, Dubai is a financial and commercial hub. Several sky-high shopping malls and business centres are dotted about the city complete with souks, mosques and long sandy beaches.
India and the UAE share friendly bilateral ties characterised by mutual diplomatic affinity and extensive trade ties. Besides, Indian ethnics are about 40% of UAE’s total residents. India’s exports mainly consist of items such as precious metals, stones and food items. UAE was India’s third-largest trading partner in 2019-20. Recently, the Indian government announced their intention to increase India-UAE trade volume to $115 Billion within the next five years.
There have also been talks of linking Mumbai to Fujairah City via an ultra-speed underwater train that will give a further boost to trade ties.
UAE is a member of the Organisation of Petroleum Exporting Countries(OPEC). The alliance is responsible for 60% of the global trade volume of crude oil. Though UAE’s economy is dependant upon oil, its sovereign wealth fund is substantial enough to weather the volatility of crude oil prices. The top export commodities of UAE are crude and refined petroleum, gold, jewellery, and electrical equipment. The leading export partners are India, Japan, Saudi Arabia, Switzerland and China. UAE is also the world’s leading exporter of rolled tobacco, sulphur and limestone.
UAE is inhabited largely by expatriates, comprising 85% of the population. Among them, primarily, are south Asians from India, Pakistan and Bangladesh. Other nationalities include Iranians and Filipinos. These makeup most of the UAE’s expatriate population.
UAE’s top imports are gold, broadcasting equipment, jewellery, refined petroleum and diamonds. Their main import partners are China, India, the United States, Germany and United Kingdom.
The government of UAE has overcome tremendous challenges both economic and social to become one of the leading global economies emerging from the middle east. Climate change could cause immense detriment to the nation’s infrastructure if not checked fastidiously. The UAE also has some issues concerning the exploitation of migrant workers. The government, for its part, has taken timely action to resolve such issues.
The UAE will continue to see a boom in its working-class population as the cities expand and newer construction projects come up. More and more providers of financial and business solutions are entering the middle eastern region through the trade-friendly environment of the UAE.
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