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The economy of the United Arab Emirates (UAE) is the second largest in the Arab world (after Saudi Arabia), with a gross domestic product (GDP) of $377 billion (AED1.38 trillion) in 2012. The United Arab Emirates has been successfully diversifying the economy. 71% of UAE's total GDP comes from non-oil sectors. [86]
The United Arab Emirates is a high-income developing market economy. The UAE's economy is the 4th largest in the Middle East (after Turkey, Saudi Arabia and Israel ), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021-2023. [1] The UAE economy is heavily reliant on revenues from petroleum and natural gas ...
According to GEM 2009 Global Report, UAE has the highest increase globally in new startup activity 38% (Comparing 2006–2007) results to those in 2008–2009. [2] Starting a new for-profit company in the United Arab Emirates , one of the 10 Doing Business indicators, became much simpler and quicker from 2000 to 2010, according to the 2010 report.
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The UAE levies excise taxes on certain products, the excise tax rates are: 50% on carbonated drinks; 50% on any product with added sugar or other sweeteners; 100% on tobacco products; 100% on energy drinks; 100% on electronic smoking devices and vaping liquids; Some emirates also charge higher taxes on the sale of alcohol.
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The UAE has 7% of global proved oil reserves, about 100 billion barrels. [1] Primary energy usage in 2009 in the UAE was 693 TWh and 151 TWh per million persons. [2] The UAE is currently transitioning from an electricity generation system nearly 100% powered by gas power plants (2010) to 100% powered by solar, other renewables and nuclear in ...
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Downtown Dubai at night. The economy of Dubai represents a per capita gross domestic product as of 2022 of US$46,665. [1] Dubai has substantially transformed over the last couple of decades. [2] More than 90% of the population are foreigners. [2] The International Herald Tribune described it as "centrally-planned free-market capitalism". [3]