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UAE Goes Global

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Abstract

The inhabitants of the area now known as the UAE were successful business people, trades people, and administrators well-connected with their regional counterparts, long before the discovery of oil. The UAE transitioned from a traditional economy to the modern global economy in less than half a century, however, the rapid economic growth brought about socio-economic shifts including a demographic imbalance in which UAE nationals comprise less than 20 % of the total population and only about 10 % of the workforce. Diversification efforts were instituted from the early days of nationalization to allow the country to maintain a prosperous economy even after the oil revenues stop flowing. Federally funded public works and extensive infrastructure development provided the elements needed to create a safe and attractive work and living environment that attracts business people, tourists, and expatriate employees from counties around the globe. Film crews have used the UAE as backdrop for well-known productions. Sporting events, concerts, art shows, and other entertainment are held in world class venues around the country in addition to educational conferences, seminars, and training courses. Foreign investment-friendly economic policies combined with the establishment of free-zone areas have encouraged multinational companies of all sizes to set up regional hubs or headquarters in the UAE. Even though the UAE faces challenges, in a troubled region surrounded by counties experiencing economic turmoil and issues related to uneven distribution of wealth, the UAE stands as example of openness and prosperity.

Keywords

United Arab Emirates (UAE) unemployment UAE labor market 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2017

Authors and Affiliations

  1. 1.Higher Colleges of TechnologySharjahUnited Arab Emirates

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