United Arab Emirates

The Trucial States of the Persian Gulf coast granted the UK control of their defense and foreign affairs in 19th century treaties. In 1971, six of these states - Abu Zaby, 'Ajman, Al Fujayrah, Ash Shariqah, Dubayy, and Umm al Qaywayn - merged to form the United Arab Emirates (UAE). They were joined in 1972 by Ra's al Khaymah. The UAE's per capita GDP is on par with those of leading West European nations. Its generosity with oil revenues and its moderate foreign policy stance have allowed the UAE to play a vital role in the affairs of the region. For more than three decades, oil and global finance drove the UAE's economy, however, in 2008-09, the confluence of falling oil prices, collapsing real estate prices, and the international banking crisis hit the UAE especially hard.

Economical characteristics

 * Currency: UAE dirham (ISO code: AED)
 * Central bank discount rate: NA%
 * Commercial banks lending rate:
 * Stock of money (M1): $56.71 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $127 billion (31 December 2008)

Links

 * United Arab Emirates on Wikipedia
 * Central bank of United Arab Emirates
 * Arab Emirates Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Skyscrapers and Business Cycles (html, pdf) by Mark Thornton, August 2008
 * The dark side of Dubai by Johann Hari, April 2009
 * Dubai debt crisis: Now British banks face fresh crisis after investing billions by Liz Hazelton, November 2009
 * Rise and Fall in Dubai: An Austrian Perspective by Fernando Ulrich, December 2009
 * As skyscrapers rise, markets fall by Kevin Voigt, January 2010
 * Why The Burj Khalifa Doesn't Matter by Francesca Levy, April 2010
 * Nonexistent Dubai projects impose fines by Zainab Fattah, April 2010
 * Scarcity as Incentive: Making Do with Less in Dubai by, May 2013