Impact Of Globalization

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The effect of globalization on changing lifestyles in globalized UAE: Introduction: The word globalization refers to the collective changes of prices, wages, interest rates, prices and profits. Through globalization people of the world united into a single society. Through trade, capital flows, foreign direct investment, immigration and widen of the technology, the national economies turned into the international economy. The UAE culture has also been affected by the globalization. Globalization usually affects a country in three main areas, social, cultural and economical. The UAE is well-known for its rich cultural inheritance. Globalization has forced the UAE to take initiatives for the protections of the Arabian culture. Globalization may affect in the positive way as well as have negative impacts. Followings are the some merits and demerits of globalization impacts on the changing of lifestyles in the UAE. MERITS: • UAE has an open economy and imported a huge variety of cultural products and services that introduced new cultures in the country. • Through Globalization UAE has turned into a developed country and have improved in many fields, such as infrastructure, education, and media. • UAE’s economy greatly dependant on oil and through globalization UAE’s oil revenue leads boost to its economy that create new jobs and opportunities. • Globalization has been leading the UAE in the development of their industries and real estate businesses. • The UAE economy highly

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