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Basic Principles of Economy of UAE

One of main specifics of UAE, with which it has good luck, as many people know for sure, is in availability of voluminous oil deposits.

 

UAE Oil

Big deposits in Abu Dhabi have been found in far in 1958, and in 1962 have the Started in full swift Deliveries in OTHER Countries for the export.
With In 1967 United Arab the Emirates has joined Organization of Petroleum, Exporting Countries and the recently named is one's of the main Representatives.
Afterwards, development and the export oil sale to global oil market HAD Been the Started in the Dubai in 1969.
Etpu Start of oil a production Gave strong impulse runners to economy growth in general of and parallel of a road, sea and airport, a pipeline Infrastructure. Moreover, social sphere, including schools, hospitals and policlinics had received high finance level.

In general, all such changes had influenced on growth of population. Country HAD Been visited by Professionals of engineering and Contents Technical domains of Various: level and qualification.
By Steep growth of population AT Expense of Expatriates from Europe, Persian of Gulf states For and Indian the subcontinent HAD resulted in acceleration of housing construction, TRADE, banking and insurance business, as with well as local production of construction materials, concrete blocks, furniture, aluminum windows, and other products, claimed by sharply growing market.

 

Federative state

United Arab Emirates within the federative state had been founded in December 2, 1971, 13 years since production of the first oil gallons in Abu Dhabi. Certainly, availability of oil resources had played consolidated and fundamental role in creation of political, economic, social and cultural confederation of all (seven) deserted dukedoms and its transformation into federation of modern state- cities.

Up till now, in times which preceded opening of oil deposits, practically all local population had been dealing with pearl fishery and further processing thereof, as well as fishing, small-size commerce and construction of small ships mostly for trade.

 

Pearl fishing in Emirates

Historians refer first notes on pearl fishing and processing in Abu Dhabi to XVIII century. Since then and up to beginning of the Second World War, the emirate was known as "pearl shore". In prewar time nearly 85% of fifty five thousands of people in Abu Dhabi had been directly or indirectly involved in pearl business, and sale of pearls had provided 95% of budget Contributions.
The Population of an oasis Carried on cattle breeding and Growing of date Palms, production of silver furnishings, hangers, carpets and coverlets from camel fur, stoneware; many people integrated pearl fishing with seasonal works in agriculture domain.

 

Investments in Emirates

220 AED dirham

Governments of emirates had decided to increase role of state sector in general development, making significant investments in domains associated with production and reprocessing of oil and gas, producers of fertilizers, cement, aluminum smelting facilities. With In the Abu Dhabi is the Biggest and the Richest Emirate of the UAE, to two two Organizations the perform Realization of by Almost all industrial projects' in state Sectors:
the Abu Dhabi is Oil Company About enterprise | (ADNOC) Determining strategy of oil and gas a production, marketing, and reprocessing, and of The of General Industries, Corporation, (GIS), specializing in industrial projects outside oil industry.