UAE celebrates Sheikh Zayed's accession to power

The United Arab Emirates (UAE) celebrates the 33rd anniversary of Sheikh Zayed Bin Sultan Al-Nahyan's accession to power this Friday.

Although the occasion had been merged into the National Day anniversary, which falls on December 2, the UAE people will mark it with a one-day closure of businesses on Saturday.

Sheikh Zayed, after he took power as ruler of Abu Dhabi Emirate, embarked on a tiring quest to unify seven Emirates that were under British mandate, to transform these tribal communities into a single modern state.

Only five years after taking power, Sheikh Zayed succeeded and the UAE state was proclaimed in December 1971.

The process of development has resulted in construction of modern networks of roads, schools, hospitals and social services centers in remote regions.

Now, oil income constitutes only 30 percent of the gross domestic product (GDP) as a result of the economic policy of diversification.

The UAE adopted a modern defense policy based on supplying its armed forces with state-of-the-art and modern weapons, an aspect observed as well in all other fields of economic and social life.

In this regard, the UAE adopted the offset countertrade program on its weapons deals, thus introducing a new momentum to its national economy through the reinvestment of at least 30 percent of deals awarded to foreign companies in local development projects.

The UAE has a very stable environment. It is also lucrative for investments with an advanced infrastructure and political stability.