Travel Reference
In-Depth Information
country's economy. Tourism, trade, transport, finance and real estate have brought down
the portion of GDP derived from oil and gas to about 25%. In Dubai, which has very little
oil of its own, only 5% of the economy is oil-based.
The fiscal crisis of 2008 hit Dubai especially hard. After real estate prices plummeted
as much as 50%, the emirate was unable to meet its debt commitments but markets stabil-
ised after Abu Dhabi rode to the rescue with a US$10 billion loan. Still, the country's
GDP suffered a contraction of 2.7% in 2009 but has been rebounding since, first slowly
by 1.4% in 2010, then 4% in 2011 and still achieving a respectable 2.3% in 2012. Contrib-
uting to the recovery were high oil prices along with increased government investment in
job creation and infrastructure.
The free trade zones have also been significant factors in the rebound. Companies are
enticed here by the promise of full foreign ownership, full repatriation of capital and
profits, no corporate tax for 15 years, no currency restrictions, and no personal income
tax. One of the largest is the Jebel Ali Free Zone in Dubai, which is home to 5500 com-
panies from 120 countries.
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People & Society
The UAE population is one of the most diverse, multicultural and male (three quarters of
the population) in the world. In stark contrast to neighbouring Saudi Arabia and nearby
Iran, it is, overall, a tolerant and easygoing society. Most religions are tolerated (Judaism
being the most blatant exception) and places of worship have been built for Christians,
Hindus and Sikhs. Notwithstanding, traditional culture and social life are firmly rooted in
Islam, and day-to-day activities, relationships, diet and dress are very much dictated by re-
ligion.
Emirati Lifestyle
Don't be surprised if you hear expats make crude generalisations about Emiratis (called
'nationals' or 'locals' in everyday speech). You may be told they're all millionaires and
live in mansions, or that they refuse to work in ordinary jobs, or that all the men have four
wives. Such stereotypes simply reinforce prejudices and demonstrate the lack of under-
standing between cultures within the UAE.
Not all Emiratis are wealthy. While the traditional tribal leaders, or sheikhs, are often
the wealthiest UAE nationals, many have made their fortune through good investments,
often dating back to the 1970s. All Emiratis have access to free healthcare and education
