UAE Energy Profile: One Of 10 Largest Oil And Natural Gas Producers In World - Analysis Eurasia Review

UAE Energy Profile: One Of 10 Largest Oil And Natural Gas Producers In World - Analysis Eurasia Review:

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Since declaring independence from the United Kingdom in 1971, the United Arab Emirates (UAE)—a federation of the seven emirates of Abu Dhabi, Ajman, Al Fujayrah, Dubai, Ras al Khaymah, Sharjah, and Umm al Qaywayn—has relied on its large oil and natural gas resources to support its economy. In 2012, hydrocarbon export revenues were $118 billion according to the International Monetary Fund (IMF), up from approximately $75 billion in 2010. Overall, the hydrocarbon economy accounts for approximately 80% of government revenues and more than half of the country’s goods exports.

Beyond the hydrocarbon economy, the UAE is becoming one of the world’s most important financial centers and a major trading center in the Middle East. Investments in non-energy sectors, such as infrastructure and technology, continue to provide the UAE with insurance against oil price declines and global economic stagnation. Recovering oil prices and robust trade growth have buoyed the UAE’s economy, and International Monetary Fund (IMF) data indicate their GDP grew by 4.3% in 2012."

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