How rich are the United Arab Emirates?
With a probability of 80%, it can be argued that if any person were stopped on the street and asked what the United Arab Emirates is rich in, then the word oil would be heard in the answer.
Indeed, oil has significantly affected the country's economy since the discovery of oil sources. But only with the help of this resource, the emirates would not have reached such a flourishing as it's now, when real estate in the UAE is considered one of the most profitable investments. An integrated approach and the development of several areas at once worked here.
The Emirates is the 7th largest per capita GDP and is ahead of even the economies of developed countries. The basis of the economy is oil and gas, but now oil revenues are directed to other sectors and attract investors and create free economic zones, which once again shows why the UAE is a rich country, ahead of many states with many more resources at their disposal.
Also, the emirates' industry used to consist mainly of wood and tobacco factories, but over time the country started its own industry and it was decided to introduce a five-year economic planning plan, which has had a very positive effect on the overall economic situation. Many wonder why the emirates are rich, but in fact the government created all the conditions for healthy competition between the emirates and financed profitable projects.
How do citizens of the UAE live?
When the emirates were built up and turned into a metropolis, not all people wanted to leave the desert and become part of a bustling city. At that moment, they were promised that almost all benefits would become free for them. And it became a reality, because:
- UAE citizens do not pay utility bills;
- they get the highest positions in government agencies and top companies;
- for a born child the state pays 400$ a month.
These points perfectly describe how the government encourages citizens to stay in the emirates and invest in the economy, and after that there is no doubt about why the emirates are a rich country that does not give up leadership positions. And not only citizens, but also visitors have an incentive, because the real estate sector here is highly developed and it is very profitable to make money by renting apartments or selling a loft in the UAE.
The UAE is a vivid example of how having resources nearby you can build a country with a strong economy, a high level of security, all conditions for doing business and an ideal space for attracting investments. If only oil were used here, then most likely the UAE would be an ordinary state with gaps in many areas. But the smart use of money and investing it in the right industries proves that everything that the emirates are rich in is the result of successful politics and hard work.