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Economy
T he UAE ’s main industries are oil and gas and the source
of the country’s prosperity. UAE has diversified funds to
invest in major industrial and infrastructure projects. Aside of
the oil and gas sector that includes refining and the production
of oil-derived chemicals, most economic activity is government sponsored.
Designed solely to diversify the economy and reduce it's dependence
on oil. This plan has been successful and the oil revenue to the
GDP is down to about 50 per cent. Newer industries include chemicals,
aluminum and steel production. Other industries produce consumer
goods for the domestic market. There is little agriculture, mostly
livestock. Fishing is also significant.
Most of the country’s development has been focused in the
two richest of the seven Emirates; Abu Dhabi and Dubai. The others
are relatively underdeveloped. The UAE is a member of OPEC, and
of the GCC or Gulf Co-operation Council. Imports into the UAE is
led by the Japanese who are the main buyers of the Emirates’
oil and gas, followed by the USA, the UK, Germany and South Korea.
Doing Business in UAE
Business entertaining can often be a lavish affair. Prior appointments
are essential and suits should be worn. English is spoken in business
circles, and translation services are available if needed.
Office hours: Saturday-Wednesday 08:00-13:00 and 15:00
or 16:00-18:00 or 19:00 and Thursdays 08:00-12:00.
Government
office hours: Saturday -Wednesday 07:30-13:30 and Thursdays
07:30-12:00. Offices are closed in the afternoon during the month
of Ramadan.
UAE
Commercial Information
These organizations can provide advice:
Federation
of UAE Chambers of Commerce and Industry
PO Box 3014, Abu Dhabi
Telephone: (2) 621 4144; fax: (2) 633 9210
E mail: fcciauh@emirates.net.ae
web site: www.fcci.gov.ae
Dubai Chamber of Commerce and Industry
PO Box 1457, Dubai
Telephone: (4) 228 0000; fax: (4) 221 1646;
Email: dcciinfo@dcci.org
web site: www.dcci.org
Each of the Emirates has its own chamber of commerce.
UAE Conferences and Conventions
The Dubai International Congress Center accommodates
up to 10,000 delegates. At Port Rashid in Dubai, the cruise terminal
has a large range of facilities, a business center with Internet
access and a conference room. Dubai World Trade Center hosts a number
of events such as the car rallies and tennis exhibitions. Most of
the larger hotels in the UAE provide high-standard conference and
meeting facilities.
For information on conference/convention facilities, please contact:
Dubai World Trade Center
PO Box 9292, Dubai
Telephone: (4) 332 1000; fax: (4) 332 9377;
Email: info@dwtc.com
web site: www.dwtc.com
or the Government of Dubai Department of Tourism and Commerce
(see Contacts section). |
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