The UAE has the second-largest economy in the world. Before 1950, when the oil wasn’t yet discovered, the economy was based on nomadic farming, fishing, seafaring and date palm cultivation but after the oil discovery, the economy was boosted giving rise to the extraction of crude oil and gas, repair services, real estate businesses, construction and manufacturing. According to the 2018 Economic report, the GDP rose by 0.8 percent at real prices amounting to AED 1422.2 billion. The UAE’s economy is highly based on trading, touring and business ideas which lures investors from all over the world to come and join the UAE business plans. 

The UAE’s economy is also in power because of its strategic location. The business people from Asia, Europe and Africa use Dubai as a hub for trading. Latin Americans use this region to launch their business plan as for them it’s profitable to have their setup in UAE. The consistent spending of the UAE government on the infrastructure continues to receive major progress of capital. They are still spending on Abu Dhabi to make it one of the wealthiest cities in the world and transforming it into a centre of attention for investors all over the world. One of the main reasons of their boosted economy are the festivals run by the country which also attracts foreign people and lure them to become a part. The international film festival, tennis championship, GITEX and horse racing festivals are the best ones to capture keen eye from the international sponsors and elites.

From 1971, the GDP of UAE has tremendously grown from $6.5 billion to $1248 billion because of its continuous growth in the oil and gas sector. The government of UAE has worked hard for the progress of its economy. This outstanding growth has convinced international organizations to bring UAE in between the top emerging markets like China, India, Singapore and Russia. However, the growth and success isn’t solely based on the oil and trading industry but also includes financial services, logistics, tourism and other strategic sectors. 

By 2021, they also have plans to diversify its economic resources by launching a Green Economy Plan for sustainable development. Through this initiative, they aim to become the top leaders of the world for the export of eco-friendly products and technology innovations. This plan includes promoting the production of renewable energy, investment in a green economy and environment-friendly buildings and protection of the ecological balance. They also have plans to invest in education for the future of businesses and technology. Today, the UAE is open to business ideas and support plans which are in favour of the country’s economy. According to the World Bank 2016, UAE has a gross domestic product of 348.7 billion USD. 

Although UAE started from a small and under-developed economy with continuous progress and development plans, it has survived the challenges and has become one of the top 5 oil exporters of the world. Now, let’s see what they will have for their people in the coming 10 years. 
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