Title: Economy of the United Arab Emirates - Wikipedia
Headings: Economy of the United Arab Emirates
Economy of the United Arab Emirates
From Wikipedia, the free encyclopedia
Contents
Historical background
Overview
Data
External trade
Diversification of UAE's economy
Foreign trade
Human Resources and Employment
Investment
Outward investment
Inward investment
Corporate Governance Code
Banking
Real estate
Real-estate projects
Financial centers
See also
References
Notes
External links

Content: Nationwide, there is currently $350 billion worth of active construction projects. The UAE is a member of the World Trade Organization and OPEC . The UAE government has long been investing in the economy to diversify and reduce its dependence on oil revenue. Contents
1 Historical background
2 Overview
3 Data
4 External trade
5 Diversification of UAE's economy
6 Foreign trade
7 Human Resources and Employment
8 Investment
8.1 Outward investment
8.2 Inward investment
9 Corporate Governance Code
10 Banking
11 Real estate
11.1 Real-estate projects
12 Financial centers
13 See also
14 References
15 Notes
16 External links
Historical background
Prior to independence from the UK and unification in 1971, each emirate was responsible for its own economy. At the time, pearl diving, seafaring and fishing were together the mainstay of the economy, until the development of Japanese cultured pearls and the discovery of commercial quantities of oil. Previous UAE President Zayed Bin Sultan Al Nahyan is credited with bringing the country forward into the 20th century and using the revenue from oil exports to fund all the necessary development. Likewise, former UAE vice-president Rashid Bin Saeed Al Maktoum had a bold vision for the Emirate of Dubai and foresaw the future in not petroleum alone, but also other industries. In the 1980s Dubai's diversification centred around trade and the creation of shipping and logistics centres, notably Port Rashid and the port and Free Zone of Jebel Ali as well as Dubai International Airport, leading to a number of major global plays in shipping, transportation and logistics ( DP World, Emirates, DNATA ). The emergence of Dubai's lively real estate market was briefly checked by the global financial crisis of 2007–8, when Dubai was bailed out by Abu Dhabi. The recovery from the overheated market led to tighter regulation and oversight and a more realistic market for real estate throughout the UAE with many 'on hold' projects restarting.