UAE is a major player in the global oil industry (4th in the
world) and its oil resources are the main basis of the country's
growth. The emirate of Abu Dhabi alone contains 10% of the
world's oil reserves (98 billion barrels). The trade industry
is also booming as each emirate has established a Free Zone
to encourage companies to setup there. The emirates of Ras
Al Khaymah and Fujairah are the main agricultural centers
as they are both substantially better watered than the other
emirates. The emirate of Dubai has become a commercial center
and has now consolidated its position as the key trading route
between the East and the West. It has also been named the
business capital of the Middle East and has become a large
offices are open from 7:30am to 2:30pm Saturday to Wednesday.
Banks are opened from 8am to 1pm from Saturday to Wednesday
and 8am to 12pm on Thursday. General businesses work between
8am to 1pm and again between 4pm to 8pm from Saturday to Thursday.
Shopping malls are open throughout the day while some supermarkets
are open around the clock.
Oil Reserves: 98.2 billion barrels
Gas Reserves: 5.8 billion cube meters (4.5% of world's proven
Gross Demotic Product (GDP): Dh 241 million (2001)
GDP Oil Sector contribution: 28%
Average Income Per Individual: Dh 63,500
Inflation Rate: 1.4%