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UAEs Economic Evolution From Pearls To Progress

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Tilahun Eirku
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60 views11 pages

UAEs Economic Evolution From Pearls To Progress

Uploaded by

Tilahun Eirku
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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UAE's Economic

Develpoment: Past,
Present, and Future
1. Abdulla Lootah (4427)
2. Mayed Bujsaim (4528)
3. Menbere Mengistu Getachew (3953)
4. Sultan Bujsaim (4425)
5. Tilahun Chekole (4035)
6. Tsion Ayenew (4026)
Introduction
• The United Arab Emirates has transformed from a pre-
oil economy to a dynamic, diversified global country.
• This journey, sparked by oil discovery in the 1950s,
continues with ambitious visions for sustainable
growth and innovation.
Pre-Oil Economy: Pearls
and Trade
1 Pearl Diving
Major industry in Abu Dhabi and Dubai, linking the
region to global markets.

2 Trade Hub
Dubai established as a trading nexus, connecting
Arabian Gulf, India, and Persia.

3 Agriculture

Practiced in oases using falaj irrigation, primarily for


local sustenance.
The Oil Boom
Transformation
1 1950s Discovery
Oil discovery triggered rapid economic growth and
modernization.

2 Infrastructure Development
Petroleum exports funded massive infrastructure and
social facility improvements.

3 Rapid Urbanization
Oil wealth catalyzed rapid urban development and
industrial growth.
Economic Diversification
Non-Oil Sectors Key Areas Global Integration

70% of GDP from non-oil Investments in tourism, real Strategic investments position
sectors in 2023, reducing oil estate, technology, and finance UAE as a global economic
dependence. drive diversification. player.
Tourism and Real Estate
Boom
Tourism Hub
Dubai hosted 16 million tourists in 2019, becoming a global
tourism focal point.

Iconic Projects
Ambitious projects like Palm Jumeirah attract foreign
investment and tourists.

Economic Impact
Tourism growth boosts hospitality, retail, and transport sectors.
Technology and Innovation
Focus

Artificial Intelligence
UAE invests heavily in AI development across various sectors.

Space Technology
The Hope Probe Mars mission showcases UAE's space exploration ambitions.

Renewable Energy
Significant investments in clean energy technologies for a sustainable future.
Financial Sector Growth
Financial Hubs
Dubai and Abu Dhabi emerge as international
financial centers.

Key Institutions
DIFC and ADGM attract multinational
corporations and investments.

Favorable Policies
Zero personal income tax and business-friendly
regulations boost financial growth.
Vision 2030: Abu
Dhabi's Strategy
Goal Reduce oil GDP
contribution to 20% by
2030
Focus Areas Economic diversification,
knowledge-based
economy, sustainability

Key Project Masdar City - sustainable


urban development
Vision 2071: Long-Term Aspirations

AI Development Space Exploration Environmental


Sustainability
Positioning UAE as a global Advancing space technology for
leader in AI technologies and scientific progress and new Long-term focus on clean
solutions. economic sectors. technologies and sustainable
water management.
UAE's Future: Innovation and
Sustainability
1 Global Leadership
Aiming to become a world leader in innovation and sustainability.

2 Post-Oil Economy
Transitioning to a knowledge-based, creative, and sustainable society.

3 Quality of Life
Investing in education, healthcare, and technology for citizens' well-being.

4 Economic Resilience
Diversification and innovation ensure UAE's continued global
economic significance.

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