A diversified economy creates a sustainable cycle of economic activity where businesses continually feed off of one another and grow larger as the economy grows. As more and more businesses open their doors, it leads to the growth of supporting industries.

Diversification is a business development strategy that allows a country to enter additional lines of business that are different from current products, services or markets. The diversification of business activities brings competitive advantages, allowing companies to reduce business risk.

Diversification helps to manage volatility and provide a more stable path for equitable growth and development. Successful diversification is all the more important now in the wake of slowing global growth and the imperative in many developing countries to increase the number and quality of jobs.

The policy of economic diversification has led into impressive development in key sectors such as tourism, air transport, trade, financial services, manufacturing and alternative energy. The UAE has made progress towards ending its economic dependence on hydrocarbons.

Although UAE has the most diversified economy in the GCC, the UAE’s economy remains extremely reliant on oil. With the exception of Dubai, most of the UAE is dependent on oil revenues. Petroleum and natural gas continue to play a central role in the economy, especially in Abu Dhabi.

bank. DUBAI (Reuters) – The United Arab Emirates economy contracted 5.8% last year but is likely to post 2.5% growth this year, the UAE central bank said in a report on Thursday.

The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.

The high percentage of people thriving in the UAE clearly owes something to the resources the government has invested in the services that people see and use in their daily lives. Residents in the UAE express much greater satisfaction with the transportation infrastructure in the country now than in previous years.

The United Arab Emirates’ economic freedom score is 76.9, making its economy the 14th freest in the 2021 Index. Its overall score has increased by 0.7 point, primarily because of an improvement in fiscal health.

“S&P Global Ratings expects Dubai’s economy will contract sharply by around 11% in 2020, owing in part to its concentration in travel and tourism, two of the industries most affected by COVID-19,” the agency wrote in a client note last week. It sees the economy “only recovering to 2019 levels by 2023.”

Everyone in Dubai is NOT wealthy. You forget that there are Emirati Arabs here, ranging from mind boggling wealthy to upper-middle class. And there are expats here, ranging from very-well off to dirt poor. And there are non-Emirati Gulf Arabs here, filling the whole range.

The UAE has emerged as the wealthiest country in the Middle East, with Dubai the richest city, according to latest data from New World Wealth. Israel came in second in the region with $744 billion controlled by the rich, followed by Saudi Arabia ($482 billion), Turkey ($422 billion) and Iran ($266 billion).

Abu Dhabi holds more than eighty percent of the land of UAE, and is considered to be richer than Dubai. It is small, but has more political importance than Dubai, because it is the capital of UAE. Abu Dhabi is rich in oil, and its net income levels are higher, and still on the rise when compared to Dubai.

Emirati nationality law governs citizenship eligibility in the United Arab Emirates (UAE). Foreigners may be naturalized and granted citizenship, but the process is limited due to the declining share of the Emirati population and fears of national identity loss.

Al-Nahyan

No, you will find many Emirati millionaries but they mainly reside in Sharjah Dubai or Abu Dhabi which are the richer emirates. Many of the residents of the four other emirates Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah are poor or middle class as there is no industry or oil wealth. No that’s totally incorrect.

The UAE is one of the top ten richest countries in the world, and yet a large percentage of the population lives in poverty — an estimated 19.5 percent. This percentage is alarming as the nation is still considered wealthy on the whole even though almost a fifth of its people are not.

The best passports to hold in 2020 are:

• Japan (191 destinations)
• Singapore (190)
• South Korea, Germany (189)
• Italy, Finland, Spain, Luxembourg (188)
• Denmark, Austria (187)
• Sweden, France, Portugal, Netherlands, Ireland (186)
• Switzerland, United States, United Kingdom, Norway, Belgium (185)

Visa facility for Indian Nationals (ordinary passport holders)