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United Arab Emirates

Capital City: Abu Dhabi
%T:%M %A in Abu Dhabi and Dubai
The United Arab Emirates' economy has been surging since 2003 : GDP growth rate was 11.9% in 2003, 7.4% in 2004 and 7.3% in 2005. It may be 6.8% in 2006.
This growth is widely due to oil prices and OPEC quotas increase. The United Arab Emirates are located in the South of the Persian Gulf. They are composed of seven Emirates including Dubai and Abu-Dhabi which both account for 80% of total GDP.

The Emirates have exceptional natural resources available. They respectively hold the fifth and the third largest world's gas and oil reserves. Oil represents 33% of the GDP and oil exports ensure 70% of foreign exchange inflows and State resources. The government is conducting a policy of economic diversification, especially concerning tourism, and is also developing large free zones in order to attract foreign investors. For the last five years, manufacturing activity has been in full swing, especially concerning metal processing, non-metallic mineral products, furniture, food processing and jewelry sectors.
The other most dynamic sectors are industry, construction, tourism and transports.

UAE's market is very open and competitive. Since 1st January 2003, the country has been applying GCC's customs union tariffs (Gulf Cooperation Council, gathering Saudi Arabia, Bahrain, UAE, Kuweit, Oman and Qatar). Usually, customs duties for goods entry into UAE amount to 4%. The top import partners of UAE are Japan, the United States and the United Kingdom. The products mainly exported are vehicles, pharmaceutical and chemical products.
Less than 20% of UAE's population is native.

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