DUBAI & Other UAE Emirates - The Energy Base.

The UAE has one of the most dynamic economies in the Middle East. The leading emirate of Abu Dhabi is by far the wealthiest of the seven union members in oil and gas. The other emirates, with Dubai in the forefront, have become centres for trade and tourism. Dubai as the main hub rivals Singapore and Hong Kong. With its petroleum resources depleting, Dubai is building the other sectors to a level where their contribution to its GDP should be 100% by 2015. By then Dubai will have become almost totally dependent on oil and gas imports.

Dubai, the venue for the IMF/World Bank meetings in Sept. 2003, is set to reach maturity as world financial and business centre by establishing the region's first money, capital and reinsurance markets. These will be brought together under the Dubai International Financial Centre (DIFC), to open for business at the beginning of 2003. This will add to Dubai's status as the region's trading, tourism, sports and IT capital, where blue-chip companies and financial institutions from all over the world are already established. With Dubai's infrastructure including a state-of-the art air terminal, excellent roads and top hotels, the emirate's projects will feature a $3 bn Palm Islands development that can be seen from the moon, a $2.5 bn expansion of the Dubai International Airport, and a Dubai Festival City to cost about $1.65 bn.

Sharjah, Fujairah, Ras Al Khaimah, Ajman and Umm Al Quwain are diversifying their economic base. Sharjah is having a huge "world trade centre". Fujairah is closer to becoming the world's top bunkering market.

Dubai is one of the world's main shopping and re-export centres. In Oct. 2000 it inaugurated the world's first Internet City, a free zone for e-business now featuring a successful website initiative called tejari.com. In Oct. 2001 it opened the world's first e-government.

The smaller UAE emirates are cushioned by the oil wealth of Abu Dhabi, which assures them support through the federal budget as well as ad hoc financing if the necessity arises. Such support keeps the UAE a cohesive unit in line with the vision of Abu Dhabi ruler and UAE President Shaikh Zayed Bin Sultan Al Nahyan. Abu Dhabi alone has about 10% of the world's oil wealth, and this has helped the UAE as a whole to have one of the highest per capita incomes in the world.