UAE celebrates 28th foundation anniversary
During the 28 years that have passed since the United Arab Emirates's (UAE) foundation, the UAE has succeeded in making fundamental changes in all walks of life, thanks to the huge development program that has been enforced and completed.
The program included the building of a modern infrastructure, industrial complexes and free trade zones of worldwide reputation, as well as an advanced agriculture. All are reflected in modern cities, airports, ports, highways, well-equipped telecommunications networks and water and electricity services.
The UAE is one of the world's oil- and gas-producing countries. It plays a key role in achieving stability in the world oil markets through its balanced and positive role in the OPEC. The UAE owns huge reserves of oil estimated at 98.2 billion barrels, representing 9.5% of the world's reserves of this material, while its gas reserves are estimated at more than 508 trillion cubic meters, representing the second position on the Arab arena and the fourth in the world in gas revenues.
However, the unanimous international choice of Dubai city for convening the joint meetings of the World Bank and International Monetary Fund in 2003 reflects the important position the UAE occupies on the world economic map.
The UAE has won such a remarkable international position due to its trade, economic and financial policy which is based on open economy and free trade, building a strong industrial sector and developing its non-oil sectors.
In 1998, the GNP was estimated at 170 billion dirhams, a figure which is expected to increase into 181 billion dirham by the end of 1999.
Non-oil production sectors contributed to the GNP in 133 billion dirhams in 1998, and this figure is expected to increase into 138 billion dirhams in 1999.
Moreover, the industrial sector contributes to almost 32% of the total GNP and the year 1999 has witnessed an expansion in the number of factories built for oil industries. The number of relay factories in the country by the end of 1998 reached 1,695, with total investments estimated at 14 billion dirhams.
Total expenditures on infrastructure projects are estimated at 8 billion Dirhams.