Statistics
• GDP: US$189.6 billion (2007).
• Main exports: Crude oil, natural gas, re-exports, dried fish and dates.
• Main imports: Machinery and transport equipment, chemicals and food.
• Main trade partners: Japan, Korea (Rep), India, Thailand, China, USA and the EU.
Economy
Oil and gas are the UAE’s’ main industries, and underpin the country’s considerable prosperity. Outside the oil and gas sector, which includes refining and the production of oil-derived chemicals, most economic activity is government sponsored, and designed to diversify the economy and reduce dependence on oil. This strategy has been reasonably successful and the oil sector’s contribution to GDP is now down to about 45%.
The economy has boomed in recent years. The IMF’s estimate for the UAE’s GDP growth in 2007 was a whopping 16.4%, keeping the country well on course as a major financial player in the region.
Business Etiquette
Business entertaining is often lavish. Suits should be worn and prior appointments are essential. English is widely spoken in business circles, but translation services are likely to be available.
