The United Arab Emirates


The United Arab Emirates Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in The United Arab Emirates; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of United Arab Emirates
International Reserves US$ 37.269 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 386.39 billion (2010 estimate)
GDP (Purchasing Power Parity) 268.122 billion of International dollars (2010 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
1.7% 2.6% 11.9% 9.7% 8.2% 8.7% 6.1% 5.3%
2009 2010 2011 2012*
-3.3% 0.9% 4.9% 2.3%

*Estimate

GDP per capita - current prices US$ 69,799 (2009 estimate)
GDP per capita - PPP $48,435 International Dollars (2009 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.23% 0.19% 0.2% 0.32% 0.32%

**Forecast

GDP - composition by sector
  • agriculture: 0.7% 
  • industry: 59.4% 
  • services: 39.8% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) N/A

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
1.6%(2008) 0.9% 0.9% 1.5%

*Estimate

Unemployment rate
2009 2010 2011 2012*
N/A N/A N/A(2009) N/A

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
12.5% 22.5% 21.3% 16.9% 14.6%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
21.5% -0.1% 4.4% 11% 12.3%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: N/A

Moody's rating: Aa2

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$109.6 billion US$104.7 billion US$93.77 billion
Largest companies in The United Arab Emirates TAQA (Electric Utilities), National Bank of Abu Dhabi (Major Banks), Mashreqbank (Major Banks), Dragon Oil (Oil & Gas Operations), DP World (Other Transportation), Emaar Properties (Real Estate), First Gulf Bank (Regional Banks), Emirates NBD (Regional Banks), Abu Dhabi Commercial Bank (Regional Banks), Union National Bank (Regional Banks), Dubai Islamic Bank (Regional Banks), Abu Dhabi Islamic Bank (Regional Banks), Etisalat (Telecommunications Services) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ 40 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP 10.3% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

77.9% (2010)

(Data released on April 2012)

Shares in world total merchandising export 1.56%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.29% (2011)(2007)

(Data were released in 2012)

Total exports US$300.6 billion (2012 estimate) 
Export commodities crude oil 45%, natural gas, reexports, dried fish, dates
Total imports US$220.3 billion (2012 estimate) 
Import commodities machinery and transport equipment, chemicals, food
Exports - major partners Japan 16.1%, India 14%, Iran 10.9%, South Korea 5.5%, Thailand 5.4%, Singapore 4.4% (2011)
Imports - major partners India 19.8%, China 13.9%, US 8.2%, Germany 4.6% (2011)
FDI inflows
2009 2010 2011
US$4,003 million US$5,500 million(2009) US$7,679 million(2009)
FDI outflows
2009 2010 2011
US$2,723 million US$2,015 million US$2,178 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$5,983 million US$14,831 million(2009) US$-1,803 million(2009) US$5,741 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

IPIC, CEPSA, Spain, $5 billion(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 26 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 22 out of 185 countries(2009)

Enforcing Contracts: 104 out of 185 countries

Registering Property: 12 out of 185 countries

Getting credit: 83 out of 185 countries

Protecting investors: 128 out of 185 countries

Trading across border: 5 out of 185 countries

Paying Taxes: 1 out of 185 countries

Dealing with Construction Permits: 13 out of 185 countries

Getting Electricity: 7 out of 185 countries

Resolving Insolvency: 101 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
24

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 35 Score: 69.3 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+4
Total area 83,600 km2 (2006)
Capital Abu Dhabi (2009)
Currency Emirati dirhams (AED) (2009)
Government type federation with specified powers delegated to the UAE federal government and other powers reserved to member emirates (2009)
Languages Arabic (official), Persian, English, Hindi, Urdu
Religions Muslim 96% (Shia 16%), other (includes Christian, Hindu) 4%
Total population
1980 1990 2000 2012* 2017**
1.01 million 1.84 million 3 million 5.54 million 6.39 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
73.5% 80.7% 77.8% 84.3%
Population median age 30 years (2010)
Population growth rate 4.9% (2011)
Life expectancy 76 years (2010)
Adult literacy 90% (2005/2010)
% of population living on less than $2 a day N/A
Inequality of wealth distribution (Gini index)

N/A

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:6
Civil Liberties:6 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

171.75% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 70% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Abu Dhabi: 67th (2011)

CO2 emissions
(Metric tons of CO2 per capita)

22.6008 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S SAFEST EMERGING MARKETS BANKS

2012:
  • OVERALL SAFEST National Bank of Abu Dhabi (Global, 2012)
  • OVERALL SAFEST Abu Dhabi Commercial Bank (Global, 2012)
  • OVERALL SAFEST Union National Bank (Mervyn King, 2012)
  • OVERALL SAFEST First Gulf Bank (Middle East, 2012)
  • OVERALL SAFEST Abu Dhabi Islamic Bank (National, 2012)
  • OVERALL SAFEST Emirates NBD (National, 2012)
  • REGIONAL WINNERS National Bank of Abu Dhabi (National, 2012)
  • REGIONAL WINNERS Abu Dhabi Commercial Bank (National, 2012)
  • REGIONAL WINNERS Union National Bank (National, 2012)

WORLD'S BEST TREASURY & CASH MANAGEMENT BANKS & PROVIDERS

2013:
  • REGIONAL WINNERS/Best Bank for Payments and Collections Abu Dhabi Commercial Bank (Middle East, 2013)

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS Abu Dhabi Commercial Bank (National, 2013)
2012:
  • COUNTRY WINNERS Emirates NBD (Global, 2012)
2011:
  • COUNTRY WINNERS Emirates NBD (Global, 2011)
2010:
  • COUNTRY WINNERS Mashreq (National, 2010)
2009:
  • COUNTRY WINNERS Emirates NBD (Europe, 2009)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Global, 2012)
  • COUNTRY WINNERS / Best Consumer Internet Banks Standard Chartered (Global, 2012)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Online Deposit, Credit and Investment Product Offerings Mashreq Bank (Global, 2012)
2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks Standard Chartered (Global, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (Global, 2011)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Bill Payment & Presentment Abu Dhabi Commercial Bank (Global, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Abu Dhabi Commercial Bank (Western Europe, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Standard Chartered (Western Europe, 2010)
2009:
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Bill Payment & Presentment Mashreq Bank (National, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Mashreq Bank (Central and Eastern Europe, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Citi (Europe, 2009)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (Europe, 2009)

WORLD'S BEST ISLAMIC FINANCE INSTITUTIONS

2012:
  • COUNTRY WINNERS Abu Dhabi Islamic Bank (Global, 2012)
2011:
  • OVERALL WINNERS / Best Takaful Provider Salama Islamic Arab Insurance (Europe, 2011)
  • COUNTRY WINNERS Abu Dhabi Islamic Bank (Europe, 2011)
2010:
  • OVERALL WINNERS / Islamic Finance Deal of the Year Tourism Development & Investment Company Abu Dhabi (Europe, 2010)
  • COUNTRY WINNERS Dubai Islamic Bank (Western Europe, 2010)
2009:
  • Best Sukuk Bank Dubai Islamic Bank (National, 2009)
  • Best Takaful Provider Salama Islamic Arab Insurance (National, 2009)
  • COUNTRY WINNERS Dubai Islamic Bank (Europe, 2009)

WORLD'S SAFEST BANKS

2013:
  • OVERALL SAFEST National Bank of Abu Dhabi (Global, 2013)
  • REGIONAL WINNERS National Bank of Abu Dhabi (Middle East/Africa, 2013)
  • REGIONAL WINNERS Abu Dhabi Commercial Bank (Middle East/Africa, 2013)
2012:
  • OVERALL SAFEST National Bank of Abu Dhabi (Europe, 2012)
  • REGIONAL WINNERS National Bank of Abu Dhabi (Global, 2012)
  • REGIONAL WINNERS Abu Dhabi Commercial Bank (Global, 2012)
  • REGIONAL WINNERS Union National Bank (Global, 2012)
2011:
  • REGIONAL WINNERS National Bank of Abu Dhabi (Africa, 2011)
  • REGIONAL WINNERS Abu Dhabi Commercial Bank (Asia, 2011)
  • OVERALL SAFEST National Bank of Abu Dhabi (Central and Eastern Europe, 2011)
  • REGIONAL WINNERS Union National Bank (Europe, 2011)
  • OVERALL SAFEST Abu Dhabi Commercial Bank (Europe, 2011)
  • OVERALL SAFEST Union National Bank (Europe, 2011)
  • OVERALL SAFEST First Gulf Bank (Europe, 2011)
  • OVERALL SAFEST Abu Dhabi Islamic Bank (Europe, 2011)
  • OVERALL SAFEST Emirates NBD (Europe, 2011)
2010:
  • OVERALL SAFEST National Bank of Abu Dhabi (Global, 2010)
  • REGIONAL WINNERS National Bank of Abu Dhabi (Global, 2010)
2009:
  • OVERALL SAFEST National Bank of Abu Dhabi (Europe, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS Emirates NBD (Global, 2012)
2011:
  • COUNTRY WINNERS Emirates NBD (Western Europe, 2011)
2010:
  • COUNTRY WINNERS Mashreq (National, 2010)
2009:
  • COUNTRY WINNERS Emirates NBD (Europe, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS HSBC (Global, 2012)
2011:
  • COUNTRY WINNERS HSBC (Global, 2011)
2010:
  • COUNTRY WINNERS HSBC (Western Europe, 2010)
2009:
  • COUNTRY WINNERS Standard Chartered (Europe, 2009)

WORLD'S BEST INVESTMENT BANKS

2012:
  • COUNTRY WINNERS Standard Chartered (Global, 2012)
2011:
  • COUNTRY WINNERS Emirates NBD Capital (Global, 2011)
2010:
  • COUNTRY WINNERS Abu Dhabi Investment Company (Invest AD) (Western Europe, 2010)
2009:
  • COUNTRY WINNERS Abu Dhabi Investment (Europe, 2009)

CENTRAL BANKER REPORT CARD

2012:

WORLD'S BIGGEST BANKS

2011:
  • OVERALL BIGGEST Emirates NBD (Europe, 2011)
2010:
  • BIGGEST BANK IN MIDDLE EAST Emirates NBD (National, 2010)
  • BIGGEST BANK IN MIDDLE EAST National Bank of Abu Dhabi (National, 2010)

TOP 200 EMERGING MARKETS BANKS

2010:
  • OVERALL BIGGEST Emirates NBD Bank (Global, 2010)
  • OVERALL BIGGEST National Bank of Abu Dhabi (Global, 2010)
  • OVERALL BIGGEST Abu Dhabi Commercial Bank (Global, 2010)
  • OVERALL BIGGEST First Gulf Bank (Global, 2010)
  • OVERALL BIGGEST MashreqBank PSC (Global, 2010)
  • OVERALL BIGGEST Dubai Islamic Bank (Global, 2010)
  • OVERALL BIGGEST Union National Bank (Mervyn King, 2010)
  • OVERALL BIGGEST Abu Dhabi Islamic Bank (Middle East and Africa, 2010)

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Emirates NBD (National, 2013)
2012:
  • COUNTRY WINNERS Emirates NBD (Global, 2012)
2011:
  • COUNTRY WINNERS Emirates NBD (Global, 2011)
2010:
  • COUNTRY WINNERS Emirates NBD (National, 2010)
2009:
  • COUNTRY WINNERS Emirates NBD (Europe, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE