A little background information on U.A.E.
Source: The Energy Information Administration
The United Arab Emirates (UAE) is an important oil producer with the fifth largest proven oil reserves in the Middle East and the fifth largest proven natural gas reserves in the world. The UAE is a member of the Organization of the Petroleum Exporting Countries (OPEC) since joining in 1967. The emirate of Abu Dhabi is the center of the oil and gas industry, followed by Dubai, Sharjah, and Ras al Khaimah. In 2004, natural gas supplied 64 percent of the country’s total energy consumption, and oil supplied the remaining 36 percent.
The UAE is a high-income, stable federation of seven emirates with the second largest Arab economy in the Middle East. The non-oil sectors grew 18.6 percent in 2006 and have tripled during the last three years. Good relations with Asian trading partners and a growing domestic population have helped diversify the thriving economy. However, the country remains dependent on oil revenue, and the government has announced large oil production capacity increases within the next seven years. Abu Dhabi is the major hydrocarbon and industrial power while Dubai is the trading, financial, and tourist center of the emirates. Abu Dhabi and Dubai account for 80 percent of the UAE’s income. Hydrocarbon revenues account for around one-third of the UAE’s GDP, though the non-oil finance and service sectors in Dubai are making the city a favored base for multinational corporations in the Gulf
Dubai is quickly becoming the financial center of the Arab World along with all the other “world record” biggest: buildings (2 of them under construction), theme parks, indoor snow skiing, islands, etc.
Let us see, is there any thing we should be concerned about:
MEMBER of OPEC since 1967!!! Huge reserves of oil and gas and soon to be the financial center of the Arab World.