United Arab Emirates as a location
United Arab Emirates (UAE)
The UAE are situated on the southern coast of the Arab Gulf and cover an area of approximately 83,500 square kilometers. The UAE are a federation of seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Umm-Al Quwain, Ras Al-Khaima and Fujairah). Abu Dhabi, in the emirate of Abu Dhabi, is the capital of the UAE.
The population of the UAE has drastically increased over the last 15 years and is still increasing. The native (emirate) population accounts for 15 % of the total population. The largest portion of non-emiratis is from the subcontinental region.
The most significant industries are the oil and gas industry, trading, (financial) services, tourism, construction, processing industry, agriculture. The oil and gas sector still accounts for approx. 30 % of the total revenues of the federation. There are significant efforts to further diversify the economy. The emiratization policy of the government in the public and private sector aims at reducing the UAE's dependence on foreign human resources.
Abu Dhabi
The emirate of Abu Dhabi covers more than 85 % of the total area and is also the wealthiest emirate due to the fact that 90 % of the UAE's oil reserves are situated in this emirate.
For quite a long time, Abu Dhabi primarily focused on the oil and gas sector and has so far been a rather conservative emirate. However, within a short period of time, a number of multi-million dollar projects have been initiated that primarily focus at diversifying the economy. Therefore, the real estate market foreigners have access to and the further industrialization of the emirate are as significant as investments in the field of tourism, art and culture. The most remarkable projects are:
- Formula 1 race track
- MASDAR City
- Louvre Museum
- Guggenheim Museum
- Sheikh Khalifa Free Port in Taweela
- Abu Dhabi Industrial City (plastics, Aluminum, steel)
- Abu Dhabi International Airport with free trade zone
- Expansion of Etihad Airways
- Desert Islands
Abu Dhabi's strong economic and financial resources offer significant potential for German and foreign investors. The rapid economic growth results in a mere inexhaustible number of business opportunities for foreign manufacturers and service providers.
Dubai
Dubai has been a trading hub between the Middle East and the subcontinent for ages and is known as an open minded emirate as far as international business and thus foreign visitors are concerned.
Due to shrinking oil reserves that had become apparent in the 1980s the emirate expanded its economy and now includes trading, tourism, financial services, and other services. Dubai has become reknown internationally ever since it launched its own airline, Emirate Airlines, and penetrated the global airline market, and as a result of large construction projects.
The partial opening of the real estatet market to foreigners in 2002 resulted in a significant boost to Dubai's economy. The most prestigious projects are currently Palm Jumeirah and Palm Jebel Ali, Dubai Marina, Atlantis Hotel, Metro, The World, Al Maktoum International Airport.
Prestigious projects such as the famous hotel Burj Al Arab, the Mall of the Emirates and Burj Khalifa the world's tallest building have resulted in additional glory for this metropolis.
Ajman, Fujairah, Ras Al Khaima, Sharjah, Umm Al Quwain
The northern emirates (Ajman, Fujairah, Ras Al Khaima, Sharjah, Umm Al Quwain) are currently experiencing a significant economic boom.