UAE Economy

Work abroad sounds like an adventure to many people. However, the UAE job search requires more than just the obvious the UAE CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you made a decision to find jobs in the UAE.

Do not take too lightly the influence a work in the UAE can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning UAE EconomyMost visits to the UAE are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

The UAE Economy - overview: The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living.

The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. Higher oil revenue, strong liquidity, housing shortages, and cheap credit in 2005-07 led to a surge in asset prices (shares and real estate) and consumer inflation.

The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009 and 2010.  The economy is expected to continue a slow rebound. Dependence on oil and a large expatriate workforce are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Labor force - by occupation: services 78%, industry 15%, agriculture 7% (2000 est.)

Unemployment rate: 2.4% (2001)

Natural resources: petroleum, natural gas

Industries: petroleum, fishing, petrochemicals, construction materials, some boat building, handicrafts, pearling

UAEcurrency UAE EconomyCurrency: UAE Dirham (AED) = 100 fils. Notes are in denominations of AED 1,000, 500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of AED 1, and 50, 25, 10 and 5 fils (10 and 5 fils coins are rarely used).

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.

Traveler’s Cheques: These are widely accepted. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in US Dollars or Pounds Sterling

Exchange rates: Emirati dirhams (AED) per US dollar - 3.673 (2011 est.), 3.673 (2010 est.), 3.673 (2009), 3.6725 (2008), 3.6725 (2007), 3.6725 (2006), 3.6725 (2005), 3.6725 (2004), 3.67 (2002), 3.67 (2001), 3.67 (2000), 3.67 (1999), 3.67 (1998)

Inflation rate (consumer prices): 2.5% (2011 est.), 14.4% (2008 est.)

Other UAE Economy Info

We hope that your UAE job search has been successful and you will get the UAE visa too. So, if your UAE cover letter and UAE CV are ready, you may distribute them to your future employers & recruiters and start preparing for the UAE job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the UAE economy info!


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