The UAE has one of the strongest economies in the world, with a bunch of investors from all over the world who wants to invest in the UAE. Before four decades ago, agriculture, fishing, and trade support its economy. It was 1958 when the oil resources were first discovered in the UAE and in 1971; seven Emeriti states unite and make a federation of UAE. After the development of oil and petrol reserves, the land turned into a modern state with a marvelous development and infrastructure. UAE has the second-largest economy in the Middle East after Saudi Arabia and 9th among the leading economy of the world and UAE has done this extraordinary development within a short period of time.
UAE is rich in oil and natural gas, its economy mainly depends on these resources. It is the seventh-largest oil-producing country and ranked fourth among the petroleum export companies, it has seventh-largest natural gas reserves in the world. The economy of the UAE heavily depends on these natural resources. UAE holds the reserves of oil for the next 93 years according to research reported by Essay Writing Service, which is considered as the backbone of its economy. The UAE attracts investors worldwide by oil resources and a growing network of commercial and financial services.
Although, UAE has to find alternate economical resources and doing it successfully especially in Dubai, where the Hospitality and Tourism industry emerging as an excellent source of economy. Tourism is one of the biggest non-oil sources of revenue in UAE, the marvelous infrastructure, world luxurious hotels, eye-catching shopping malls and also ancient places attract visitors of all around the world toward it. In the past recent years, the development in the real state sector causes an excellent contribution to make it a global touristic destination. This is due to the huge interest of investors from all around the world to invest in tourist supportive projects, including the increase in airports and their capacity. The development in this sector results in more job opportunities and chances of investment, because of the increasing demand for houses and markets with the great interest of tourism, especially in Dubai and Abu Dhabi.
Some of the parts of the UAE economy is occupied by the agriculture and fishing industry, but these industries will not remain long as a part of it, because of the lack of interest by the UAE rulers. Almost 7% of employment among total employees population is engaged with these occupations including a large portion of the UAE nationals. Other expanding industries include building material, furniture, plastic, construction materials, textile, foodstuffs, and dairy products. A large percentage of needs fulfill by farming of vegetables like tomatoes, cucumbers, aubergine, cabbage, squash, mushrooms, etc, the production of vegetables and fruits increased in the last few years despite the reducing in the cultivated area for dates. The country also evolved in poultry farming and dairies. The UAE exports fruits and vegetables to the international market and earns some part of its revenue from this industry.UAE also emphasize on its trade sector, it mainly depends on sea trade across the Gulf.
The UAE has become the fastest developing state with the rapid increase in its economy for the last 2 decades, Dubai is hosting world Expo 2020, and it will bring more investors and economic stability. The rumors said that this Expo will be the future creator for UAE because it has invested a huge part of its economy for this event. Despite the facts it is so true that UAE may be ill, but it knows how to recover.