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The economy of the United Arab Emirates is the second largest in the Middle East, with a gross domestic product (GDP) of US$354 billion in 2020.
The United Arab Emirates, sometimes simply called the Emirates, is a country in Western Asia located at the eastern end of the Arabian Peninsula. It borders Oman and Saudi Arabia, and has maritime borders in the Persian Gulf with Qatar and Iran. It is a federal elective constitutional monarchy formed from a federation of seven emirates, consisting of Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain. Their boundaries have numerous enclaves within each other. Each emirate is governed by a ruler, who together form the Federal Supreme Council, and one of whom serves as President of the United Arab Emirates. In 2013, the UAE's population was 9.2 million, of which 1.4 million were Emirati citizens and 7.8 million were expatriates. The estimated population of the UAE in 2020 was 9.89 million.
Khalifa bin Zayed bin Sultan Al Nahyan is the current de jure president of the United Arab Emirates, the emir of Abu Dhabi, the supreme commander of the United Arab Emirates Armed Forces and the chairman of the Supreme Petroleum Council. Sheikh Khalifa is also chairman of Abu Dhabi Investment Authority, which manages $875 billion in assets, the largest amount managed by a nation's head of state in the world. Collectively, the Al Nahyan family is believed to hold a fortune of $150 billion.
Ahmed Ali Al Sayegh is a Minister of State in the United Arab Emirates since September 2018 and Chairman of Abu Dhabi Global Market (ADGM), the International Financial Centre in the UAE's capital city.
Emirates Integrated Telecommunications Company, commercially rebranded as du February 2007, is one of the two telecom operators in the United Arab Emirates. du offers fixed line, mobile telephony, internet and digital television services across the United Arab Emirates. It has a sister concern named Edara established in 2018. Edara is a subsidiary of Emirates Integrated Telecommunications Company (EITC) commercially branded as Telco Operations.
The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates (UAE).
Abu Dhabi Commercial Bank PJSC, commonly called ADCB, is a bank in the United Arab Emirates.
Provision of education in the UAE began shortly after the establishment of the federation with the inception of the first university in Al Ain, Abu Dhabi, the United Arab Emirates University. Since then, the country has progressed with efforts of ensuring high literacy rates, modern programs and women's share in education. It works on improving its youths education which is why the agenda 2021 has been set. The UAE currently devotes approximately 25 percent of total federal government spending to education. The overall literacy rate is 90%.
Following its independence from British occupation in 1971, the United Arab Emirates’ mass media landscape had already started some of its media sectors and continued to develop steadily. Since then, much of the UAE's media outlets fall under government-owned umbrella groups as well as regulation by the National Media Council and its extensions. The major types of UAE media are print press, radio, television, internet and social media.
Indians in the United Arab Emirates (UAE) constitute the largest part of the population of the country. Over 3,420,000 Indian migrants are estimated to be living in the UAE, which is over 27 percent of the total population of the UAE. Indian contact with the emirates that now constitute the UAE dates back several centuries, as a result of trade and commerce between the emirates and India. The UAE has experienced a tremendous increase in the population of resident Indians who initially migrated to the country as a result of opportunities in the petroleum. Now, Indians are key to the UAE's construction, retail, financial services, manufacturing sectors transport sectors. A sizeable minority of Indian migrants are involved in professional services and entrepreneurship. Relations between India and the UAE have traditionally been friendly.
Abu Dhabi is the capital and the second-most populous city of the United Arab Emirates. The city of Abu Dhabi is located on an island in the Persian Gulf, off the Central West Coast. Most of the city and the Emirate reside on the mainland connected to the rest of the country. As of 2020, Abu Dhabi's urban area had an estimated population of 1.48 million, out of 2.9 million in the emirate of Abu Dhabi, as of 2016.
Abu Dhabi Media is the official media organization of the Government of Abu Dhabi, Established in 2007, ADM's 18 brands operate across various broadcast, publishing, and digital media platforms.
The Emirates Hockey League (EHL) is the national ice hockey league of the United Arab Emirates. The league is governed by the International Ice Hockey Federation. Founded in 2009 by the country’s Winter Sports Federation and the Emirates Olympic Committee, and licensed by the International Hockey Federation, the league now (2019) consists of six teams: the Abu Dhabi Scorpions, the Dubai Vipers/White Bears, the Dubai Mighty Camels, the Abu Dhabi Storms, the Al Ain Theebs and the Abu Dhabi Shaheen Falcons. The Scorpions and Mighty Camels are composed of expatriate players, including Canadians, working in the U.A.E., while the other clubs consist of mostly Emirati players who form the United Arab Emirates national team.
Most expatriates in the United Arab Emirates reside in Dubai and Abu Dhabi. A number of expatriates settled in the country prior to independence. The UAE is home to over 200 nationalities. Emiratis constitute roughly 20% of the total population, making UAE home to one of the world's highest percentage of immigrants. Indians and Pakistanis form the largest expatriate groups in the country, constituting 28% and 12% of the total population respectively. 461,000 Westerners live in the United Arab Emirates, making up 5.1% of its total population.
Finance House (FH) is a non-bank financial institution operating in the United Arab Emirates. Finance House is regulated by the Central Bank of the United Arab Emirates and listed on the Abu Dhabi Securities Exchange under the ticker symbol "FH".
The Saudi Arabian Interbank Offered Rate (SAIBOR) is a daily reference rate, published by SAMA, based on the averaged interest rates at which Saudi banks offer to lend unsecured funds to other banks in the Saudi Riyal wholesale money market.
First Abu Dhabi Bank (FAB) is the largest bank in the United Arab Emirates. It was formed following a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD).
Citibank National Association, United Arab Emirates commonly known as Citibank U.A.E., is a franchise subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi U.A.E. is connected by a network spanning 98 markets across the world. The phone support call center for Citibank U.A.E. retail banking clients is based at Citibank Bahrain.
The architecture of the United Arab Emirates has undergone dramatic transformation in recent decades, from operating as a collection of fishing villages to a global business hub known for its innovation and dynamism. Between the 1960s and 1970s, architecture in the United Arab Emirates (UAE) remained solely traditional, with narrow alleys and windtower houses still in use, reflective of a strong Bedouin heritage. Architecture is influenced by elements of Islamic, Arabian and Persian culture.
Tourism in the United Arab Emirates is an important component of the Emirati economy, and consists of domestic and international components. In 2018, tourist industry composed over 164.7 billion dirham to country's GDP.
References
- ↑ "EIBOR Rates | CB UAE". www.centralbank.ae. Retrieved 2019-05-02.
- ↑ "Daily EIBOR Fixing 06Dec14" (PDF). centralbank.ae/en.
- ↑ "EIBOR Rates". www.centralbank.ae. Retrieved 2017-01-09.
- ↑ "PUBLICATION". www.centralbank.ae. Retrieved 2017-01-09.