UAE - "THE WORLD CAPITAL"


The United Arab Emirates is a federation of seven states formed in 1971. Since then UAE has grown rapidly to be one of Middle East's most important economic centres. Before oil was discovered in the 1950s the UAE's economy was dependent on fishing and a declining pearl industry. But since 1962, when Abu Dhabi became the first of the emir­ates to begin oilexporting, the country's soci­ety and economy have been transformed.


The late SheikhZayed, ruler of AbuDhabi and president of the UAE at its inception, was quick to seize on the potential of the oil industry. He oversaw the development of all the emirates and directed oil revenues into healthcare, edu­cation and the national infrastructure. But the UAE's authorities also tried to reduce its dependency on oil exports by diversifying the economy, creating booming business, tour­ism and construction sectors. While Abu Dhabi remained relatively con­servative in its approach, Dubai, which has far smaller oil reserves, was bolder in its diversifi­cation policy.

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