UAE - The Energy Base Of Dubai & Other UAE Emirates.

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, which hosted the IMF/World Bank meetings in September 2003, has reached maturity as a world financial and business centre. It has established the region's first money, capital and reinsurance markets. These were brought together under the Dubai International Financial Centre (DIFC), which opened for business at the beginning of 2003. This has added 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. It is launching the Dubai Silicon Oasis (DSO), a 6.5m sq m free zone to be built at Nad Al Sheba, south-east of Dubai City, where various industries ranging from micro-electronic to opto-electronic categories will be 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 $5 bn Dubailand which will be the Disneyland of the Middle East, a 700-800 Burj Dubai which will be the tallest building in the world and will have the world's biggest shopping mall, $3 bn Palm Islands development that can be seen from the moon, a $2.5 bn expansion of the Dubai Int'l Airport, a $2.3-3.5 bn light rail transport system for a population that will reach 3m and to have 360,000 cars by 2020, a Dubai Festival City to cost about $1.65 bn, and the list is endless. Dubai's CEO, Crown Prince Shaikh Mohammed Bin Rashid says what I have achieved so far is only 10% of what I plan to do for Dubai.

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 October 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 October 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.