Country Profile

The united arab emirates or uae is a federation of seven states of the arabian peninsula in southwest asia, located in the persian gulf, which lined up the oman and saudi arabia. UAE is a conglomeration of seven states - abu dhabi, ajman, dubai, fujairah, ras al-khaimah, sharjah and umm al-quwain. In 1971, these states are merged to form uae. Endowed with the largest resources of natural gas and oil, uae is evolved as an influential power in the international arena. with a growth rate of 8.5%, GDP is recored on an $145.8 billion, in which industry sector constitutes 59.3%, service sector shares 38.9% followed by agriculture with 1.8%. Growing at a 5.1% growth rate, uae industrial sector constitutes a major portion from petroleum, fishing, aluminum, cement, fertilizers, handicrafts and textiles. Japan is the major exporting country with 25.8%, followed by south korea, thailand and india. UAE is endowed with years of expertise in exporting crude oil, natural gas, dried fish and dates. UAE has shown a remarkable rise in export revenue, which shoots to $152.1 billion.

Snapshot

Economic Overview

• Open economy.
• Wealth of the country is based on oil and gas output which accounts for 30% of the GDP.
• Developing centre for tourism, trade and commerce.
• Third most important re-export centre after Hong Kong and Singapore.

International Trade
Major Export Items
Crude Oil, Petroleum Products, Natural Gas, Dried Fish.

Main Destinations of Exports
Japan, South Korea, India, Thailand

Major Import Items
Machinery and Electrical Equipment, Chemicals and Related Materials, Food, Pearls, Precious Stones and Precious Metals, Vehicles and Other Transport Equipment, Textiles and Textile Articles.

Main Origins of Imports
China, India, Japan, Germany, UK, France, US

Contacts of Trade Ministries/ Associations

Business Visa Rules
To obtain business visa for UAE, the following rules apply:

• Business visas are issued only by UAE Embassy, and requires company letter and sponsor in UAE to send a fax or telex to UAE Embassy confirming the trip and accepting financial responsibility.
• A single-entry visa is valid within two months from the date of issuance for stay of up to 30 days.
• To receive a visa, submit 2 application forms, 2 passport size photographs and prepaid envelope for return of passport by certified/registered mail.

Business Hours
7.30 am to 2.30 pm - Government offices
8.00 am to 1.00 pm - Banks (Saturday to Wednesday and until 12.00 noon on Thursdays)
9.30 am to 1.30 pm & 4.00 pm to 10.00 pm - Shops

Public Holidays