Sunday, November 18, 2012

United Arab Emirates- Rise of the Small Kingdom in Middle Earth

Emergence of a Strategically Located Diversified Sustainable Economy
Moving away from Oil
All good things come in small packages.
United Arab Emirates (UAE) is a group of seven small kingdoms situated in the Persian Gulf; part of geographically referred to as Middle East (see Map). The seven kingdoms are Abu Dhabi, Dubai, Ajman, Fujairah, Ras-al-Khaimah, Umm al Quwain and Sharjah. Sharjah is the third largest among the seven.
It is a high income developing economy (as per IMF), that depends on oil as one of their prime produces; it is also a member of UN, OPEC as well as WTO apart from other bodies.
Physically, UAE is about the size of state of Sikkim in India but the economic potential packed within this area is simply astounding. 
The visionaries of UAE, the leaders and business community included have been astute enough to be able to foresee the vagaries of being an unsustainable Oil-dependent economy and a country served by migrants and expatriates. The direction of plans and policies of UAE have taken these concerns into account.

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