The United Arab Emirate
A modern and open country
The UAE is a federation of seven emirates. Each emirate is governed by hereditary emir. The constituent emirates are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. The capital of the UAE is Abu Dhabi.
In 1971, the late President Sheikh Zayed bin Sultan Al Nahyan unified the small, underdeveloped states into a federation—the only one in the Arab world. With his visionary leadership, oil wealth was used to develop the UAE into one of the world’s most open and successful economies.
The UAE has become an important player in regional and international affairs and a major international business hub. The country has transformed itself into an icon of business in only 45 years.
The seven Emirates have forged a distinct national identity. The UAE’s political system combines tradition and modernity and enabled the country to develop a modern administrative structure while ensuring that traditions of the past are maintained, adapted and preserved.
The UAE is a major international tourist and business center and a dynamic hub for global commerce, with unmatched infrastructure that provides seamless connectivity for businesses worldwide.
The country is a member of the United Nations, the World Trade Organization, the Arab League and the Gulf Cooperation Council.
"We, in the UAE, have no such word as “impossible”; it does not exist in our lexicon"
H.H. Sheikh Mohammed Bin Rashed Al Maktoum, VP & PM of the UAE and Ruler of Dubai
The after oil era already started
The UAE has approximately 10% of the world’s total known oil reserves. 90% of its oil reserve is in Abu Dhabi and about 10% in Dubai. While the Abu Dhabi reserves are expected to last another 100 years, at present rates of production Dubai’s reserves will last only another ten years.
The UAE has become a major international tourist and business hub and has some of the most modern infrastructure in the World. Today, the oil sector contributes 30% of the country’s GDP. Thanks to the foresight of the UAE leaders, trade, tourism, real estate and construction are large contributors, most notably in Dubai.
There are many projects currently under construction for which European companies have an important role to play.