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divided into 7 emirates
UAE dirham (AED)
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Importing a standard container of goods into UAE requires:
The UAE comprises of seven emirates namely, Dubai, Abu Dhabi, Sharjah, Fujairah, Ras Al-Khaimah, Umm Al-Quwain and Ajman, each having its own rules and regulations. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private-sector employment.
|Export of goods and services||19.7||10.1||5.1|
|Import of goods and services||18.7||16.6||9.5|
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|Source: Oxford Economics|
The UAE’s economic growth may slow to 3.4% this year from 3.9% in 2012. The budget surplus will stay little changed at 5.7% of GDP. About 80% of the nation’s revenues are generated by hydrocarbon-related industries. The risks of the region being affected by the external situations fell substantially, thanks to the robust growth of the non-oil economic sectors and the successful efforts of Dubai and Abu Dhabi to diversify the base of economic growth.
The UAE’s exports will continue to be dominated by petroleum and related products, with exports forecasts to grow strongly to rapidly growing emerging markets that are heavy energy consumers such as India and China. Turkey and Poland will continue to post good growth. In addition to the main Asian economies, UAE exports will also rise strongly to those economies with large populations and with an associated heavy demand for energy, including Brazil and Egypt, when its economy starts to recover. On the import side, India and Turkey will be the two fastest-growing sources of imports however other emerging Asian economies will begin to increase their importance; such as Vietnam and Bangladesh.
Hydro-carbon rich country
Dubai International Financial Centre
Dependence on oil
Enterprise free zones - goods for re-export or transhipment enjoy a 100% duty exemption
Oil price changes
High govt debt
The UAE offers unique investment opportunities, with a wide range of financial incentives to international investors. Each of the seven emirates possesses unique economic features, and the ability to attract foreign investments in various sectors. Particular sectors of opportunity for UK businesses include: renewable energy, pharmaceutical, education and industry knowledge, technology, financial services, electronics and engineering.
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