International Business Report (IBR)

Economy focus 2014: UAE

Dominic King Dominic King

The economy expanded by an estimated 4.5% in 2013, the fastest rate since the financial crisis.

Oil and gas remain central to the success of the economy – the price of oil remains well above US$100 per barrel and the UAE is thought to have the seventh largest reserves in the world (98bn barrels) – accounting for close to 50% of total exports. However, non-oil exports continue to grow as the economy diversifies and there have been significant improvements in retail, tourism, infrastructure investment, the stock market and the property sector since the financial crisis with these sectors now becoming just as prominent as oil and gas. A successful bid to host the 2020 World Expo further underlines economic growth now and in the future.

Read more about our survey methodology here.

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