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The Effects of Globalization in the UAE Economy

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Sherine Ezzat

on 14 December 2014

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Transcript of The Effects of Globalization in the UAE Economy

The Effects of Globalization in the UAE Economy
By Noor Ahmed and Shereen Ezzat

Introduction
With 32,278 sq. miles of space, consisting of seven emirates of United Arab Emirates capital , Abu Dhabi, Dubai, Ras Al-Khaimah, Sharjah, Ajman, Umm Al-Qaiwain, and Fujairah, that along makes United Arab Emirates.
These emirates were united in concert federal state on a pair of Dec, 1971.
United Arab Emirates capital is that the wealthiest member within the union due to its vast oil wealth and Dubai is second largest emirates being a billboard port.
 

Positive Effects
State that globalization has turned the UAE into a developed country in many fields, as infrastructure, education, and media have all improved.
Globalization has affected the UAE economy positively because it has increased foreign investments, has encouraged domestic investments, and has promoted free trade between UAE and other countries.
Buying goods at a lower cost than producing them domestically has helped UAE government to save some money and use it in improving roads, cleaning the environment, helping the poor, and increasing wages
It is obvious that UAE’s economy is heavily passionate about oil, Oil is with little question a resource that is against the clock.


GDP
United Arab Emirates is one of the most developed countries in the Arab Gulf and has one of world´s highest GDP per capita.
The country still has a commodity-based economy, with shipments of oil and natural gas accounting for 40 percent of total exports and for 38 percent of GDP.
Yet, in order to diversify the economy and reduce the dependence on oil revenues, UAE has been making huge investments in the tourism, financial and construction sectors.

Conclusion
In Conclusion, Globalization has positively influenced the UAE economy as it has increased foreign investments and has encouraged domestic investments that have promoted free trade between UAE and other countries.
The globalization has its pros and cons but the pros has improved the UAE economy in having a great role in developing the UAE infrastructure of media, education and social relations that finally I believe that if the UAE continue to follow these economic strategies it will secure a prominent position in the world.

Brief
Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.
Economic process started in 1980, however has taken place with the technological advancement and within the sectors of transport, communication through massive developing countries and gaps them for international trade and investment

The UAE is illustrious for its wealthy cultural heritage heavily manipulated by Arab and Muslim traditions.
Globalization is the main reason for the promotion of free trade between the UAE and other countries as it allow to import goods in a lower price.
Economic process may be a development that sometimes affects a rustic in three major areas. These areas embrace social, cultural and economical.
It is obvious that UAE’s economy is heavily passionate about oil, Oil is with little question a resource that is against the clock.
Negative Effects
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