Wholesale and retail trade, services, and tourism are widely developed. There are many shops and shopping centers, among them are the Deira area popular among tourists and the Gold Souk market in Dubai, famous shopping centers in Sharjah. Prices for most goods are lower than European ones. Delivery of any goods to the buyer is free of charge. Tourists are offered a wide range of services, incl. excursions, safaris, recreational activities, etc.
The tourism infrastructure has been most developed in Abu Dhabi and Dubai. Only in Dubai there are more than 160 comfortable hotels. More than 1.5 million tourists and other visitors from other countries visit the country every year (2000).
The modern economic policy of the UAE is characterized by a combination of state regulation of the main proportions of economic development, the presence of state and quasi-state organizations in most sectors of the economy, with the encouragement of the private sector. Social policy includes the provision of various privileges and material benefits to the citizens of the emirates, the minimum necessary standard of living, employment opportunities, subsidizing housing construction, the development of the human factor through the financing of education and vocational training programs, health care.
The monetary system of the UAE is characterized by the provision of the national currency with the help of foreign exchange reserves formed at the expense of export earnings. Control over the issue of money and money circulation is carried out by the UAE Monetary Authority (central bank). The currency regime is very liberal. The Monetary Authority regulates the limits of bank lending and its security. The banking system includes 19 national banks, some of which have state capital, and 28 foreign, several national insurance companies. To finance private projects in industry, the National Bank for Investment and Development was established.
A feature of the budget system is the presence of the emirates’ own budgets along with the federal one. UAE budget revenues 20 billion US dollars, expenditures 22 billion (2000). Most of the income comes from oil export revenues. The largest funding items were defense and security, education, healthcare, public services. In the 1970s-80s. there were no taxes in the UAE, except for religious and corporate taxes on oil companies and banks with foreign capital. The introduction of some indirect taxes began only in con. 1990s
The standard of living of the population of the UAE is high. GDP per capita since the 1970s increased by almost 20 times and approached the level of developed countries. Wages in industry ca. $8135.71 per year. Final consumer spending was 39% of GDP (1991). Gross investment 30.1% of GDP (1998).
Incomes from foreign investments in the UAE are estimated at up to 60% of the country’s GDP. The trade balance is active. In 2000, the value of exports amounted to 47.6 billion dollars. The main export items are oil (45%), natural gas, fish, and dates. Main export partners: Japan (30%), India (7%), Singapore (6%), South Korea (4%), Oman, Iran (1999). Import – 28.6 billion dollars (2000). Industrial and consumer goods are imported. Main partners: Japan (9%), Great Britain (8%), Italy (6%), Germany, South Korea.
Science and culture of UAE
According to searchforpublicschools, the first institution of higher education, the University of El Ain, was opened in 1977. In 1986, there were 255 thousand students of all forms of education in the country, and in 1998/99 – more than 569 thousand, the number of teachers reached 36.5 thousand. In 1998 17.2% of the budget was spent on education. Less than 9% of the population over the age of 15 is illiterate (2000).
Features of traditions, customs and literature are associated with Islamic culture. During Ramadan (the 9th month of the Muslim lunar calendar), believers observe fasting, from sunrise to sunset they should avoid spectacles, love pleasures, and you should not drink and smoke. In the UAE, women are not required to cover their faces, but often wear veils or large headscarves. Traditions include Arab hospitality, horse racing, camel racing, falconry, and golf.
The cultural attractions of the UAE include an oil exhibition, the Kornichi shipyard, where an Arab dhow is made, many architectural monuments: the Al Fahidi Museum in Dubai in the fort of the 19th century, local history museums and examples of Islamic architecture (Jumeirah Mosque in Dubai), the palace of the ruler of Dubai, open to the public.
