page_title: Economy of the Middle East
section_title: United Arab Emirates
hierarchical_section_title: Economy of the Middle East / By country and territory / United Arab Emirates
caption_attribution_description: English: The resort Palm Jumeirah, Dubai, United Arab Emirates, is featured in this image photographed by Expedition 10 Commander Leroy Chiao from the International Space Station in 2005. The resort is under construction on reclaimed land silhouetted against the dark waters of Dubai’s Persian Gulf coast. Advertised as "being visible from the Moon," this man-made palm-shaped structure displays 16 huge fronds framed by a 12-kilometer protective barrier. When completed, the resort will sport 2,000 villas, 40 luxury hotels, shopping centers, cinemas, and other facilities. When completed, the resort is expected to support a population of approximately 500,000 people. Deutsch: Die künstliche Halbinsel Jumeira Palm in Dubai, Vereinigte Arabische Emirate, ist das Objekt dieses Fotos, das 2005 von der Internationalen Raumstation ISS aus fotografiert wurde. Die Halbinsel befindet sich noch im Bauzustand, zeichnet sich aber gegen die dunkle Wasserfläche des Persischen Golfs schon gut sichtbar ab. Angepriesen als "vom Mond aus sichtbar", werden sich dort im Endzustand 2000 Villas, 40 Luxushotels, Einkaufszentren, Kinos und andere Einrichtungen befinden - und Wohnraum für etwa 500.000 Einwohner. Esperanto: La artefarita duoninsulo Jumeira Palm en Dubajo, Unuiĝintaj Arabaj Emirlandoj, fotigxis dum tiu-ĉi bildo farita dum 2005 el la Internacia Spaca Stacio ISS. La duoninsulo estas konstruata, sed jam nun bone videblas kontraste al la malhela akvosurfaco de la Persia Golfo. Reklamita kiel "videbla de la luno", fine tie troviĝos 2000 vilaoj, 40 luksaj hoteloj, aĉetocentroj, kinejoj kaj aliaj konstruaĵoj - kaj loĝloko por proksimume 500.000 enloĝantoj.
context_page_description: The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies.
  The economy of the Middle East consists of the economies of Azerbaijan, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, and Yemen.
context_section_description: The economy of the United Arab Emirates (UAE) is the second largest in the Arab world (after Saudi Arabia), with a gross domestic product (GDP) of $377 billion (AED1.38 trillion) in 2012. The United Arab Emirates has been successfully diversifying the economy. 71% of UAE's total GDP comes from non-oil sectors. Oil accounts for only 2% of Dubai's GDP. The UAE is also making an effort to attract foreign direct investment by offering 100% foreign ownership and no taxes. Tourism is one of the main sources of revenue in the UAE.
  A rating agency, Moody's Investors Service revised its rating of eight UAE banks from stable to negative amidst the coronavirus outbreak. The eight banks included Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, HSBC Bank Middle East, Abu Dhabi Islamic Bank, National Bank of Ras al-Khaimah and National Bank of Fujairah.
caption: The Palm Jumeirah seen from the International Space Station.
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