Facts About United Arab Emirates
| Location |
Middle East; Eastern Coast of the Arabian Peninsula, in the South Western part of the Arabian Gulf |
| Geographic Coordinates |
Between
the latitudes of 22° and 26.30° North and longitude of 51° and 56.30° East. |
| Total Area |
83.6 thousand sq. Kms |
| Boundaries |
Oman 410 Kms; Saudi Arabia 457 Kms |
| Climate |
Desert. Cooler in eastern mountains |
| Coastline |
1,318 Kms |
| Population |
3.754 million (As per 2002 estimate) |
| Government Type |
Federation with specific powers delegated to the UAE. Federal Government and other powers reserved to the member Emirates |
| Administrative Division |
7 Emirates – Abu
Dhabi, Dubai, Sharjah, Ajman,
Umm Al Quwain, Ras Al Khaimah,
Fujairah |
| Capital |
Abu Dhabi |
| Independence |
2nd December 1971 (from UK) |
| Legal System |
Federal Court system introduced in 1971; all the emirates except Dubai and Ras Al Khaimah have joined the federal system; all emirates have secular and Islamic law for civil, criminal and high courts. |
| Languages |
Arabic (official), Persian, English, Hindi and Urdu |
| Currency |
Arab Emirates Dirhams (AED) |
| Political Parties |
None |
| GDP |
AED 260.6 billion (2002) |
| *Inflation Rate |
2.8% consumer Price (2002) |
| Market Exchange Rate |
US$ 1.00 = AED 3.67 |
| Major Trading Partners |
Japan, China, USA, UK, India, Pakistan, Iran, South Korea, Germany, Italy |
| Major Export Products |
Crude Oil, Natural Gas, Re-Exports, Aluminium, Dried Fish, Dates |
| Major Import Products |
Manufactured Goods, Machinery, Foodstuff, Transportation Equipment |
| Taxation |
No Corporate, withholding or personal taxation |
| Customs Duty |
5% Import Duty |
Geographic Location
The United Arab Emirates extends along the coast of the Gulf, from the base of Qatar peninsula to a short way beyond Ras Al Khaimah and across the Mussandum peninsula to the Gulf of Oman. The federation comprises of the seven emirates. Abu Dhabi (the capital), Dubai (the thriving commercial capital), Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. In all, the UAE covers an area of about 83.6 thousand square kms.
Climate
UAE lies within a subtropical zone with very hot summers, high humidity and mild pleasant winters. Rainfall is erratic generally, lasting for a few days and rarely exceeding 5 to 10 inches a year.
Population
In 2002, the population of the UAE was estimated to have reached 3.754 million. Immigrant employees, predominantly from the Indian Subcontinent, Iran, Europe and other Arab countries form a large portion of the population. Expatriates are attracted to UAE for opportunities offered by the rapid development of the country.
Culture
Arab Islamic culture dominates the lifestyle of UAE. However, it is tolerant of the different creeds and beliefs of its large expatriate community. Arab heritage and folklore finds expression in poetry, dances and songs. The traditional all-pervasive hospitality gives a great deal of charm to life in the UAE. Cultural activities of other nations are very much popular in this country.
Language
The official language is Arabic, but English is the common language, Urdu and Persian are also widely spoken. Arabic and English are usually used in business and commerce.
Political System
The United Arab Emirates is a Federal Sovereign State that consists of seven emirates. The federation was established on The 2nd of December 1971 of six emirates. The emirate of Ras Al Khaimah joined the Federation on the 10th February 1972. According to the constitution, the Supreme Council of the Federation is the highest political authority in the country. It consists of the Rulers of all seven emirates. The President and the Vice President of the State are elected by the Supreme Council and from its members. The President appoints the Prime Minister with the consent of the members of the Supreme Council. The members of the Federal Government are appointed by a decree from the President upon recommendation from the Prime Minister. The Federal National Council (FNC), which consists of representatives of each emirate, is the legislative Council (Parliament). It exercises the Authority to discuss the sanction of all Federal Laws and then refer them to the Supreme Council for enactment.
The Late Ruler of Dubai, His Highness Sheikh Rashid Bin Saeed Al Maktoum, together with His Highness Sheikh Zayed Bin Sultan Al Nahyan, President of the UAE and the Ruler of Abu Dhabi, was instrumental in forming the federation, which has brought stability and prosperity to the area.
Nature of Business Activities
The U.A.E. economy has witnessed rapid economic development. Even before 1957, the economy of the Emirates constituting the Federation, under their self-ruling system, was dependent on the available natural and human resources. Economic resources varied in each Emirate in accordance to the area, population and the abundance of the resources of each of them. They were almost wholly dependent on certain activities such as pearl fishing and trading, fishing, trade, agriculture, grazing and some handicraft industries. Each Emirate differed from the other by its relative dependence on special economic resources. In 1957, another stage of economic development started.
It was the beginning of the era of oil production and export in Abu Dhabi. Dubai followed suit in 1969, and then Sharjah. This stage witnessed the increasing importance of the oil sector, thanks to the huge amount of revenue it provided in comparison with other sources of the national income. This rendered the traditional economic activities to become less important, particularly the sector of pearl fishing. Since then oil and its related industries have become the backbone of the UAE economy.
The Economic Policy
The economic policy of UAE is based on safeguarding and respecting the individual freedom in Ownership of the means of production, practicing any type of business activities and providing all facilities that boost entrepreneurship. There are no restriction on imports and exports apart from a few minor customs and administrative duties. The government plays a supervisory role in legislation, which organize the functioning of the various economic sectors while causing no hindrance to the business activities.
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