The UAE economy is a one of the most vibrant economies in the world. High oil prices, sound and resilient economic policies and impressive performances from the corporate sector, the business attractions of the numerous free zones and the increasingly enterprising Government investment programmes have elevated the UAE’s Gross Domestic Product (GDP) to new highs.
Whilst the oil and gas and Government Services sectors are still significant contributors to GDP, the UAE economy has proved to be relatively less dependent on the oil sector when compared with other GCC countries. The manufacturing sector is a major driving force behind the diversification of sources of national income. The other major sectors are wholesale and retail trading, IT, real estate, hospitality, tourism and leisure.
The currency of the UAE is the Dirham (AED), which is pegged to the US dollar at a rate of approximately AED3.67 to $1.