United Arab Emirates

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The United Arab Emirates (Arabic:) occupies an area of 83,600 sq km of which 97% is desert.  Its population is estimated at 10.1 million in 2017, of which nearly 85% were non-nationals. It is formed as a federation of seven largely self-governing Emirates. On December 2, 1971, six of them entered into a union called the United Arab Emirates. The seventh, Ras al-Khaimah, joined in early 1972. Each Emirate retains substantial autonomy and reserves considerable political powers, including control over mineral rights (notably oil and gas) and revenues.

Since the discovery of oil in 1958, the UAE's economic performance has largely been driven by fluctuations in oil prices, which have a direct impact on the value of its exports and industrial output, and indirectly affect government expenditure and spending. It is estimated that production averages 2.66m barrels/day which increased to3.23m barrels/day in 2012. Most of the oil revenues are generated in Abu Dhabi, which has enabled the emirate to build up its enormous net external asset position. Dubai, on the other hand, relies less on oil revenues and, therefore, it needed to grow through other sectors such as construction, trade, banking, and tourism sectors. The other Emirates have less impact on the national economy.

The per capita income of the UAE stood at US$34,612 in 2010 which increased to US$ 38,050 in 2016. It is classified by the World Bank as a "high-income country". In 2015, UAE was ranked 42 out of 188 in the UNDP's  2015 Human Development Report, Adult literacy rate, as a percentage of people ages 15 years or above, reached 93.8%, and Life expectancy at birth is 77.1 years.

H.E. the IsDB Governor
Alternate Governor
H.E Obeid Hameed Al Tayer
Minister of State for Finance