Introduction to the country The United Arab Emirates (UAE) is a country in the Arab land occupying an area of 83,600 km 2 . It exists to the Southeast of the Arabian Peninsula on the Persian Gulf. It also borders Qatar, Saudi Arabia, and Oman to the West, South, and North respectively (Knox 23). UAE is combination of 7 emirates (Dubai, Sharjah, Abu Dhabi, Ajman, Ras al-Khaimah, Umm al-Qaiwain, and Fujairah) governed by “emir”, which is a hereditary form of governance. The seven emirates are governed by a single president. UAE’s capital city is situated at Abu Dhabi. It is vital to understand various aspects of UAE in the context of its economy, socio-cultural aspects, and future prospects in regard to economic developments. The major natives of this country are Muslims. The country possesses large oil reserves rendering it to be among the largest oil exporters (rated 7 th ) in the world (Shihab 1). It is also an economic hub in the Middle East region. The country lies in the arid tropical region that extends from Asia to North Africa with its climate majorly influenced by the Indian Ocean. It has high temperatures during summer with elevated humidity along its coastal regions. Nonetheless, there is a remarkable climatic disparity amidst the interior deserts, the coastal quarters, and the mountainous regions. Economy of UAE The country enjoys an open economy despite the challenges and other economic downturns experienced globally. Upon the discovery of oil in the region, the country has had rich economic impacts in its territories. It has diversified its economy from oil and gas exports to other sectors including service provision and tourism among others. As at 2011, the country had a GDP of $260.8 billion (Terterov 54). UAE had a Real GDP growth at over 3 %,and at position 118 worldwide. The country grows its economy through various sectors including agriculture, international trade, service provisions, and mining. Economic Data of (1991-2000) in Billion USD Highlights of the Era The UAE is a rich country with varying economic provisions in its territories. Following its modest population and large oil reserves, the country developed rapidly from 1991 to 2000. Since the discovery of oil 30 years ago, the country has opened up its market territories so as to trade with the international community for foreign exchange. From the data provided above shows how huge budget surpluses attained by the country have allowed the country to accumulate a considerable wealth during the concerned era. Economically, UAE registered tremendous improvements in the late 1980s to early 1990s. The oil exports remarkably increased (Yi-chong 198). A surge in oil costs due to Iraq’s attack of Kuwait allowed UAE to push up its GDP to nearly US$34 billion as at 1990. Additionally, contracts awarded to the country to help in the rebuilding of Kuwait immediately after its liberation also boosted the UAE economy (Shemirani 55). Conversely, the 1991 plunge of the Bank of Credit and Commerce International (BCCI) affected the UAE economy considerably in that there were critical economic downturns that the country experienced in its efforts to recover from the atrocity. Economic Data of (2001-2007) From the Central Bank of UAE, the Real GDP growth of UAE is; 2001   2002  2003   2004   2005  2006  2007  2008 1.7%   2.6%  11.9%  9.7%   8.2%  8.7