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United Arab Emirates profile
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(Last updated: 1 Jul 2008)
Australians planning to travel to, or who are in the Middle East, are urged to exercise care and monitor developments that may affect their safety - both through the Department of Foreign Affairs and Trade's (DFAT) current general travel advice and bulletins, and the media. Specific travel advice on the UAE is also available at DFAT. Individuals should take sensible precautions and ensure that travel documentation, including passports and any necessary visas, for themselves and their dependents are valid and up-to-date.
It is recommended that Australians visiting the region register with the nearest Australian Embassy. To register online visit: www.orao.dfat.gov.au.
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| Capital city: |
Abu Dhabi |
| Surface area: |
84,000 sq km |
| Population: |
4.5 million |
| Official language(s): |
Arabic |
| Head of State: |
H.H. Sheikh Khalifa Bin Zayed Al Nahyan |
| Head of Government: |
H.H. Sheikh Mohammed Bin Rashid Al-Maktoum |
| Australian exports to the UAE: |
A$3,066 million |
| Australian imports from the UAE: |
A$2,140 million |
| The UAE's principal export destinations: |
Japan, Republic of Korea, Thailand |
| The UAE's principal import sources: |
United States, China, India | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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Key economic indicators and statistics for 2008*:
GDP - US$239.9 billion
GDP per capita - US$50,383
Real GDP growth - 6.3 per cent
Inflation - 9 per cent
*IMF forecast
The United Arab Emirates (UAE) economy is mainly dependent on oil and natural gas, which accounts for around 36 per cent of gross domestic product (GDP). The UAE is currently the fourth largest producer of oil in the Organization of Exporting Petroleum Countries (OPEC) with reserves estimated at 98 billion barrels (10 per cent of the world reserves).
Dubai’s capital Abu Dhabi contributes as much as 93 per cent of the country's total output and is heavily oil revenue dependent. Dubai on the other hand has, over the years, diversified into trading and has emerged as the leading trading entry point of the Gulf and Middle East.
Since the early 1980s, the two main economic aims of the UAE authorities have been to reduce the dependence on hydrocarbons and to boost private sector activity. This strategy has been developed in a bid to balance the country’s vulnerability to changes in the world oil prices and to plan for the economy in the event of the depletion of oil resources. The UAE is one of the world's richest nations with per capita GDP reported at US$17,547 by the Economist Intelligence Unit.
Due to the lack of highly developed industrial and agricultural sectors, the UAE is heavily reliant on imports of goods and services. For this reason opportunities exist in a number of industry sectors including:
- Building and construction
- Education
- Food, beverages and agribusiness
- Health services and pharmaceuticals
- Consumer goods
- Education
- Financial services
- ICT
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Political climate
The United Arab Emirates (UAE) is a federation of seven sovereign 'emirates' or states. It was established in 1971 and has since enjoyed three decades of rapid economic growth and development following the discovery of oil in the late 1960s. UAE’s seven member states are Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah.
The Federal Supreme Council is the highest constitutional authority in the UAE and is composed of the absolute rulers of each of the seven emirates. This Supreme Council elects the president (who acts as head of state) and vice president from among its members.
The Federal National Council is the parliamentary body responsible for reviewing federal legislation and the annual budget among other responsibilities. Each emirate has its own ruler and manages its own internal affairs including infrastructure development, civil defence and schooling. Defence, telecommunications and tertiary education are managed at a federal level by the UAE Government. There are no political parties and no elections.
The city of Abu Dhabi is the capital and the focus of federal government activities. Eighty seven per cent of the UAE’s land area is covered by Abu Dhabi whose oil wealth has made it the most influential emirate in the UAE. Dubai is the other influential emirate, which has grown to be a modern, cosmopolitan city and centre for trade in the UAE.
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Trade relations and statistics
The six countries of the Arab Gulf Co-operation Council (AGCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates - have formed a Customs Union that has been phased in, resulting in a standard tariff of five per cent applied to most imports from countries outside the GCC Customs Union. In the long term, there is also expectation to eliminate all fees, taxes, customs and other obstacles to trade between the member countries.
The Customs Union promotes trade and investment in the Gulf countries and is expected to continue to provide opportunities for Australian exporters. The UAE is Australia’s second largest merchandise trade market in the Middle East and our largest services trade partner. Australian exports to the UAE have grown 45.1 per cent to A$2.4 billion. In 2006-07, two-way merchandise trade between Australia and the UAE was worth over A$4.1 billion.
Major Australian exports to UAE (2007):
- Non-monetary gold – A$1,066 million
- Passenger motor vehicles – A$388 million
- Zinc – A$234 million
- Meat (excluding bovine) – A$91 million
Major Australian imports from UAE (2007):
- Crude petroleum – A$1,957 million
- Glassware – A$13 million
- Structures of iron, steel or aluminium – A$11 million
- Civil engineering equipment – A$10 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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