The development of the economic status in Abu Dhabi

The development of the economic status in Abu Dhabi

 

In 1971 sheikh Zayed (May his soul rest in peace) proposed the idea of uniting the six emirates in order to improve the economic status by joining borders. In 1972 Ras al Khayma joined the union .Later on, there came the discovery of oil, which was the great jump ahead for the whole seven emirates economically. The UAE depended on oil as the number one resource for year’s .With the changes made in those emirates in so many ways, now they are looking for alternative ways for clean and green ways of generating power as a resource, "We must not rely on oil alone as the main source of our national income. We have to diversify the sources of our revenue and construct economic projects that will ensure a free, stable and dignified life for the people.” Zayed said (http://www.uaeinteract.com/docs/Sheikh_Zayed_in_quotes/18411.htm)

The economy in Abu Dhabi started based on oil production, and they started exporting oil to different parts of the world and they managed to sign major contracts with leading countries. First it started with ADNOC, which was the leading oil exporting and extracting company in Abu Dhabi ,”producing over 2.7 million barrels of oil a day” (http://www.adnoc.ae/) , which was followed by other companies such as ENOC, ADCO and other companies. The UAE became the number one destination world wide for businesses not only because of oil, but due to the perfect economic atmosphere; it became a tourist attraction as well. Almost all countries worldwide have oil, but in the Gulf, as everybody knows, it’s easier because the layers in those countries that contain the oil are much closer to the surface and easier to extract therefore it costs less and takes less time. The UAE attracted business men and women by simply preparing a small business world in this young country through providing no tax, encouraging successful businesses and promoting the emirates as tourist spots. At that point the economy started growing bigger and bigger, and that’s when construction companies  started appearing on a very  wide range , and senior architects started moving to the UAE and as proof , we have the tallest building worldwide (Burj Khalifa ) and as known , Burj Khalifa is the most complicated structure in the world which has the highest shock absorbing ability , then came the leaning tower of ADNEC  and the Sheikh Zayed Mosque ( may his soul rest in peace ). These factors attracted tourists, and that brought the idea of evolving to the next stage, which is renewable energy, like (Zayed Future Energy Prize) the world’s preeminent prize for demonstrated renewable energy and sustainability solutions(http://eon.businesswire.com/news/eon/20120723005743/en) , and the project of Masdar City started to manage the number one green city in the world and home of the brightest green ideas, and it is listed as the most modern city worldwide. Every year the UAE proposes new ideas to attract businessmen by giving what is needed to create an atmosphere that is suitable for their type of business, and a safe business environment for companies to prosper. The Emirates on the other hand have their special business plans, to improve the economic state of mind for the youth, by starting the Khalifa Project Fund (which supports projects that have unique ideas) to make the youth support this good economy and improve it; also they have a vision for the future life that the emirates are going to run out of oil; therefore they are making plans to make the economy more diversified, stronger and stable for the long term, “Sheikh Mohammed bin Rashid Al Maktoum, presented the National Document of the UAE in 2021 entitled "We want to be among the best countries in the world by 2021" for the vision 2021”(http://www.dubaicityguide.com/site/vision2021/).

The outcome that the society got was massive, such as free schools, government schools in most countries are less favorable, unlike the UAE, because with great economic status comes a lot of benefits, also comes good health treatment and many other things, As Sheikh Zayed had told university students in 1982, "the greatest use that can be made of wealth is to invest it in creating generations of educated and trained people" (http://www.thenational.ae/news/uae-news/heritage/the-way-forward).

And this is the summary of 41 years of success in the land of limitless opportunities and a wide range of options and tax free ideas in a simply safe lifestyle, Zayed vision: Transforming desert into green haven (http://gulfnews.com/news/gulf/uae/environment/zayed-vision-transforming-desert-into-green-haven-1.132209)

 

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Reference

1)      "Sheikh Zayed in quotesUAE - The Official Web Site - News." UAE News and information - United Arab Emirates. N.p., n.d. Web. 26 May 2013. <http://www.uaeinteract.com/docs/Sheikh_

2)      " Abu Dhabi National Oil Company (ADNOC)." Abu Dhabi National Oil Company (ADNOC). N.p., n.d. Web. 26 May 2013. <http://www.adnoc.ae/>.

3)      "Zayed Future Energy Prize Closes Submissions | EON: Enhanced Online News." Online Press Release Distribution | EON: Enhanced Online News. N.p., n.d. Web. 26 May 2013. <http://eon.businesswire.com/news/eon/20120723005743

4)      "Vision 2021: "We want to be among the best countries in the world by 2021" - Dubai City Guide." Dubai City Guide - Hotels, Entertainment, News, Shopping & Business information for Dubai. N.p., n.d. Web. 26 May 2013. <http://www.dubaicityguide.com/site/vision2021/>.

5)      "The way forward - The National." Latest and breaking news | thenational.ae - The National. N.p., n.d. Web. 26 May 2013. <http://www.thenational.ae/news/uae-news/heritage/the-way-forward>.

6)      "Zayed vision: Transforming desert into green haven." gulf news. N.p., n.d. Web. 20 Sept. 2008. <gulfnews.com/news/gulf/uae/environment/zayed-vision-transforming-desert-into-green-haven-1.132209>.