United Arab Emirates is internationally known as one of the biggest oil nations in the world. The country gloats of gigantic income from the petrol based fluid. Abu Dhabi is the biggest emirate in the UAE and holds more than 90% of the country’s oil reserves.
The country is described as “centrally-planned free-market capitalism.” Oil production, which once accounted for 50 percent of Dubai’s gross domestic product, contributes less than 1 percent to GDP today.
The country currently generates more revenue from the production of oil. At a normal oil cost of $14.50 a barrel in ostensible terms, the UAE has procured almost $308 billion from crude exports between 1962 and last year (2020).
The incomes are four times more than the country’s GDP of around $71 billion last year and almost 43% of the complete Arab GDP.
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As at 2017, Abu Dhabi made $308.5 billion from Crude oil which represented 45%. Oil has made Dubai perhaps the most richest emirates state in the world.
The city is the well off trading center point for the Gulf and Africa. Despite the fact that Dubai has oil, the black gold has made the city extremely rich. In under 50 years, Its powerful economy has made Dubai a well-to-do state appreciated all throughout the world.
The greater part of Dubai’s GDP (more than 95%) is non-oil-based. So far oil has represented under 1% of Dubai’s GDP and the travel industry to deliver 20% of the GDP.
Meanwhile, Saudi Arabia has most of the time been compared with the UAE, with regards to who is more richer in the Arab domain.
The Kingdom brags of a GDP of per capita of 47.8 thousand, with Kuwait also priding itself of a GDP for each capita of 41.77 thousand as at March 2021.