Economics of the UAE Research Paper Example | Topics and Well Written Essays - 3000 words

Economics of the UAE - Research Paper Example According to the estimation made in July’2012, the total population of the nation stood at 5,314,317. The majority of the population belonging to the UAE has been viewed to be the Muslims, apart from other religious groupings such as Hindus and Sikhs. The currency of the country has been recognized to be Emirati Dirham and Arabic is regarded as its official language. Apart from Arabic language, the other languages that prevail in the UAE include English, Urdu, Persian and Hindi. Most importantly, the country emphasizes upon educating both men along with women and is making considerable investments in this particular sector. The UAE government is a federal one that is structured with specified legal powers (The Cultural Division of the Embassy of the United Arab Emirates, â€Å"UAE Facts in Brief†). The UAE possess an open sort of economy bearing a high ‘per capita income’ along with a large yearly trade surplus. The country has undergone a deep transformation from the region of arid desert to a modern state since the detection of oil in the country. With this detection, the living standards of people of the UAE had raised by a significant level. It has been viewed that the government of the UAE has enlarged its spending in two significant arenas that include infrastructure development and job creation with the intention of enhancing the economy of the country at large. The various decisive factors such as the worldwide financial crisis, deflated prices of the assets and the tight international credit contributed in constricting the economy of the UAE in the year 2009. The different industries that prevail in the UAE which comprise petrochemicals, transport, real estate, pharmaceuticals, cement, aluminum and ceramics among others considerably affect the economy of the country by a greater extent. With regard to assess the economic condition of the UAE, it has been observed