From tents to high rise
Economic development of the United Arab Emirates
Bibliographic Data
| ID | 10282015 |
|---|---|
| Authors | S N Asad Rizvi (corresponding author) |
| Year | 1993 |
| Volume | 29 |
| Issue | 4 |
| Pages | 664-678 |
| Publication date | 1993-10-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Middle Eastern Studies (JOURNAL) |
| Journal identifiers | ISSN: 0026-3206 • E-ISSN: 1743-7881 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/00263209308700972 |
| OpenAlex | W2026695579 |
| Language | EN |
| Citations received | 4 |
The discovery of oil and its export to world markets has restructured the economic and social fabric of the United Arab Emirates (UAE). The continuous and steadily increasing revenues has made the UAE a capitalsurplus economy. These accumulated funds have opened the door for investments. The volume, quantum and nature of relationships that prevailed between various productive sectors of the economy have undergone a significant change. A sectorwise breakup of the GDP (gross domestic product) data reveals that the greatest contribution to the GDP both in absolute and percentage terms has come from the crude oil sector. The GDP of the country at factor cost, when viewed in respect to the movement in oil prices reveals that there exists a directly proportional relationship between the GDP and oil prices. A comparison of the two shows that whenever the oil prices have soared the GDP has also increased. Also except for 1981 whenever the percentage contribution by oil sector in the GDP has increased so has the total GDP increased (see Tables 1,2 and 3). It is interesting to note that oil prices have had a direct relationship to the oil sector's contribution to GDP in particular, and the GDP in general. In 1971, when federation was achieved, the attitude in the West was one of pessimism regarding its continued existence. It is worthwhile recalling the hurried arrangements which led to the birth of the UAE following the abrupt 1968 announcement of British withdrawal after 150 years of almost total control. Barely a month later the rulers of Abu Dhabi and Dubai announced their intention to form a federation under
Ancient history · Development economics · Economic history · Economics · Political science · History · Islamic Finance and Banking Studies · Socioeconomic Development in MENA
| Citations per year | 0.31 |
|---|---|
| Citation span | 2013 - 2025 (13) |
| Highly cited | No |