Fifty years ago the UAE was a desert with no hint of civilization or development. But now it`s a megapolis that impresses with its technology and growing economy.
At first, everyone somehow missed the moment when the Emirates became rich, and now the United Nations recognizes the UAE as the most attractive country for investment in the Middle East, North Africa, and West Asia. Now almost everyone dreams of buying an apartment in the UAE and becoming part of this Hong Kong in the desert. Behind breathtaking skyscrapers and giant shopping malls hides an industrial center that seems to never stop for a second and takes over more and more industries.
Not by oil alone
Oil is really the resource by which the emirates thrive. At the moment the Emirates has about 5.6 % of the world’s oil reserves and it`s the lever that drives the economy. But it`s not only oil that has made the Emirates rich and has competed with the giant countries.
The Emiratis also have trump cards up in their sleeve:
- investment in construction and trade;
- financial and trade operations;
- the creation of smart cities;
- the development of the space sector.
In addition, special attention is paid to the social security system here. If a boy is born in the family, by default he gets a plot of land (0.5 hectares), as well as the right to get a loan to build a house on this plot. The land can be rented out and so the person has a passive income. But another favorite way of earning income among both locals and visitors is the sale of real estate in Dubai / UAE, especially if it is a new, respectable area.
The issue of land plays a significant role in the UAE. During the period of active development, the land where skyscrapers and all sorts of objects were built, belonged only to the citizens of the emirates. And only those companies that are registered in the emirates could engage in construction. These nuances contributed a lot of money to the overall budget of the country and contributed to the fact that the Arab Emirates has become a rich country, which managed to compete with some European states.
The downside of wealth
Despite the general chic and luxurious atmosphere, not everyone’s life in the UAE is sweet as honey. Service workers or construction workers who come here to earn money earn about $300-500, and the prices of housing and products, as you understand, are quite high. If in the native country of these workers (India, Pakistan, Iran) this salary would be considered decent, here it`s quite a small amount to ensure a comfortable life. So it turns out that when the Arab Emirates became rich, it created a contrasting world — a world of well-to-do people and a world of people who are down and have consciously chosen the UAE as a place to increase their savings.