Essay On Globalization In UAE

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Historical Background

The United Arab Emirates, a tiny country in middle-east has benefitted considerably well over past 40 years. They have grown from rags to riches since the discovery of oil, which has resulted in globalization. From least developed nation, UAE has grown to have normal GDP. Since independence, there has been a remarkable growth in every field. Globalization being the vital reason, it has helped the UAE economy to develop and remain stable(Davidson, 2005). We have noticed a massive transformation in the UAE from tribal culture, which was reliable on agriculture and fishing to a nation with world class infrastructure. The United Arab Emirates has made many efforts in order to globalize the nation since independence. Some …show more content…

Is it positive or negative? In what sectors has globalization affected UAE? Looking at the development observed in past few years, it can be stated that UAE has changed to be a developed country. Notable progress has been marked in the fields of infrastructure, media, education, etc. Apart from improvement in these fields, globalization has affected UAE economy, and it has been very beneficial.
It is undeniable that globalization has proved to be good for UAE economy. Some of the effects of globalization on UAE economy are stated below:-
• Encourage foreign investments – Globalization has opened the gates for foreign investors and industrialists to invest in UAE, as a result it has made UAE economy stable. UAE being politically stable, there are a very high number of foreign investors. Apart from that, UAE government does not interfere or impose taxes.
• Encourage domestic investments – Economy being stable, globalization has helped domestic investors or industries to develop. For example, few of the several investing institutions are the Dubai Port,Abu Dhabi’s International Petroleum Investment Co. (IPIC), the Abu Dhabi Investment Council, etc. Apart from investing in global capital market, they are an important part of

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