The main articles are:
GDP
2022: GDP size forecast - $0.50 trillion
2021: GDP size - $0.41 trillion
Oil and gas production
2024: Plan to increase oil production to 5 million barrels per day shifted by a year
In May 2024, the UAE is expected to reach its oil production target a year later than forecast.
Abu Dhabi National Oil Co. is likely to reach its target of 5 million barrels per day by the end of 2025 or early 2026.
2022: Increased capacity for oil production and LNG exports
The UAE is accelerating a plan to boost its oil production capacity by trying to profit from its crude reserves before the energy transition begins, sources said in September 2022.
Abu Dhabi National Oil Co., which pumps nearly all of the UAE's oil, wants to be able to produce 5 million barrels a day by 2025. This is earlier than the previously announced goal of 2030.
2021
2018
Eighth country in the world in confirmed oil reserves
Natural gas reserves
Financial system
National debt
2023: State debt - 30% of GDP
Sovereign Wealth Fund
2023: Sovereign Wealth Fund Assets - $993 billion
2022: Sovereign wealth fund assets per capita
Banking system
2019: $0.5 trillion in accounts of foreign individuals
Wealth management of wealthy people
2023: Wealthy people set up 5,000 companies in Abu Dhabi to manage their funds
For decades, many of the world's richest people have preferred to keep their assets abroad - from the Cayman Islands to Switzerland to the British Virgin Islands. However, the new wealth center is becoming increasingly popular among billionaires - the skyscraper-strewn emirate of Abu Dhabi.
Changpeng "CZ" Zhao, the Indian Adani family, hedge fund billionaire Ray Dalio and Russian steel tycoon Vladimir Lisin are among dozens of wealthy individuals who set up special purpose companies in Abu Dhabi's international financial hub in 2023, according to a Bloomberg News review of hundreds of corporate documents in the UAE.
According to reports, more than 5,000 SPVs were created in Abu Dhabi, while in 2016 there were only 46.
Cryptocurrencies
2019: Creation of Aber cryptocurrency with Saudi Arabia
In late January 2019, Saudi Arabia and the United Arab Emirates (UAE) announced the creation of a joint cryptocurrency called Aber, which should facilitate financial settlements between the countries. Read more here.
Investment abroad
2024: $35 billion investment in Egypt
The main purpose of the transaction is the undeveloped Mediterranean coastline. Egypt However, huge financial injections also speak to Abu Dhabi's strategic goals.
By investing the equivalent of 7% of its GDP, the UAE is showing a combination of financial power with geostrategic goals, signalling a commitment to playing a key role in shaping events in the region and beyond.
2023: The rise of investment in Africa
Seeking geopolitical influence, the UAE in 2021 made a promise to actively develop markets that go beyond their usual horizons.
They have since invested more in Africa's economy than any other country and are now competing for influence with established players such as China and France.
2020: China and UAE lead Africa investment
Power
2023: UAE launches world's largest solar farm
On November 16, 2023, the UAE commissioned the world's largest solar farm, the Al-Dafra site, which is located approximately 35 km from Abu Dhabi. The capacity of this power plant is 2 GW, which is enough to meet the energy needs of almost 200 thousand average households. Read more here.
2020: Very high per capita energy consumption
and
Foreign trade
2024: Multiple increase in imports from Armenia due to restrictions in Russia's trade
2023
The volume of non-oil trade between the UAE and Russia has grown 4 times over 5 years and exceeded $11 billion
The volume of non-oil trade between the UAE and Russia over 5 years has grown 4 times and exceeded $11 billion at the end of 2023. This was stated by UAE President Sheikh Mohammed bin Zayed Al Nahyan at the talks by Russian President Vladimir Putin on October 21, 2024.
As noted by TASS, the UAE is Russia's main trading partner in the Arab world. The Russian Federation , among other things, exports gold, diamonds and oil products to the UAE. The basis of Russian imports from the UAE are cars, units, as well as devices for agriculture.
UAE increased annual purchases of petroleum products from Russia to a record $971 million
On July 10, 2024, it became known that United Arab Emirates in 2023 they increased purchases of petroleum products from Russia to a record 971 million, dollars which significantly exceeds the 2022 figure of $237.8 million.
In addition, coal imports from Russia to the UAE increased 1.7 times, reaching $75.3 million. The total trade turnover between Russia and the UAE for 2023 amounted to a record 11.2 billion dollars, which is an important indicator for both countries.
During his visit to the UAE, Russian President Vladimir Putin stressed that this country is Russia's main economic partner in the Arab world. Putin's visit was the first to the Arab world after the start of a special military operation in Ukraine, which demonstrated the significance of relations between Russia and the UAE. Putin noted that thanks to close contacts and joint work, relations between the two countries have reached an unprecedented level.
Russian Prime Minister Mikhail Mishustin noted that relations between Russia and the UAE have reached a new level, which is confirmed by the record level of trade, which approached 1 trillion rubles. Mishustin stressed that the countries are connected by many years of friendship and fruitful cooperation, which contributes to the implementation of large joint projects.
The UAE has become an important economic hub for Russia amid a breakdown in economic ties with Europe. According to Deputy Prime Minister and Head of the Ministry of Industry and Trade Denis Manturov, the volume of mutual trade between Russia and the UAE in 2022 grew by 68% and reached $9 billion. This highlights the importance of the UAE for the Russian economy, especially in the context of geopolitical changes.
In addition, more than 700 Russian companies have opened their branches in the UAE, which indicates the expansion of Russia's business presence in the region.[1]
Russia tripled the supply of agricultural products to the UAE
In 2023, Russia delivered about 902 thousand tons of agro-industrial complex products to the UAE, which is almost three times more than a year earlier. The volume of exports in money increased by 72%. This was announced on February 19, 2024 by the press service of the Federal State Budgetary Institution "Agroexport" under the Ministry of Agriculture of the Russian Federation. Read more here.
Rising imports of naphtha from Russia
2022
Trade turnover between Russia and the UAE grew by 68% to a record $9 billion
Trade between Russia and the UAE in 2022 grew by 68% and reached a record $9 billion.
Imports from Russia 96 tons of gold
Russia became the main source of gold for the UAE after Western countries refused to buy: according to the UN Comtrade database, in 2022 the UAE imported 96.4 tons of gold from Russia - more than any other country.
The UAE has long been one of the key hubs for the precious metals trade, especially from Africa and India, but in 2022 it was instrumental in the Russian gold trade for the first time.
Other major gold suppliers to the UAE in 2022 were Mali and Ghana, supplying 95.7 tons and 81 tons, respectively. Switzerland became the main destination for the export of gold from Arab countries, accepting 145 tons.
2021
Growth of trade with Russia to $5.4 billion
In 2020, the trade turnover of Russia and the UAE reached $3.3 billion, in 2021 - $5.4 billion. Good performance in trade between the two countries is largely due to the economic favorability regime. Official Dubai has long lifted all quantitative export restrictions, and also does not apply any anti-dumping measures against Russian products.
Growth of trade with Russia in the 1st half of the year by 79%
The trade turnover of Russia with the UAE in the first half of 2021 amounted to $2.53 billion, an increase of 79% compared to the same period in 2020. Russia's imports from the UAE amounted to $172.456 million, an increase of 43.46% compared to the same period in 2020.
2019: Computer Device Exports
Business
2022
1,000 Russian companies opened in UAE in a year
In 2022, about 1,000 Russian companies were opened in the United Arab Emirates (UAE). Such data in October 2023 was cited by Tatyana Dolyakov, director of the recruiting company Propersonnel.
 | Emirates is a country where the economy is now very actively developing and where there are not enough people. We do not even take geopolitics - it turned out economically that we were "deployed" there. This is a new opportunity to work, to bring your knowledge there, "she said (quoted by Kommersant). |  |
According to the head of Propersonnel, thanks to the "cultural code," companies opening in the UAE hire Russian-speaking top managers. The newspaper also cites Nikoliers data, according to which from the beginning of 2022 to September 2023, 24 Russian brands from non-food retail and catering entered the Dubai market, another 24 brands planned to open for the next two years.
The high activity of Russian brands in Dubai is associated with the interest of business owners in geographical diversification, a high standard of living in the emirate, a large share of Russian tourists and relocants, who have a need primarily for familiar and recognizable brands, says Nikoliers partner Andrei Kosarev.
| | Most Russian operators entering the UAE market primarily consider Dubai, which, due to its competitiveness and exactedness, is a guideline for other countries in the region. On the brand, which successfully went there and comprehensively solved the issues of quality, marketing, logistics, personnel, etc., a certain quality mark is put, which in the future can become an excellent springboard for international expansion - both to other markets of the Persian Gulf countries, and even wider, - he notes.[2] | |
700 Russian enterprises opened a second legal entity in the UAE in 9 months
Russian companies massively register business in the Arab Emirates. From the end of February to the end of September, 700 Russian enterprises opened a second legal entity in the UAE, which is 5-7 times more than a year ago. The opening of a second legal entity is necessary to maintain business ties with unfriendly countries. However, it is becoming increasingly difficult for entrepreneurs with a Russian passport to open accounts even in friendly and neutral countries.
Transport
2023: Construction begins on 1900 km long submarine railway to India
In early October 2023, the UAE began implementing a large-scale and expensive project to build an underwater railway to India. A high-speed line of approximately 1,900 km will connect Dubai and Mumbai.
The initiative involves the UAE National Advisory Bureau. The railway line will run inside the tunnel at an unnamed depth. Some of its sections are planned to be transparent, thanks to which passengers will be able to admire seascapes and underwater inhabitants.
The project will require the creation of a special train. It is assumed that it will be able to reach speeds from 600 to 1000 km/h: thus, a trip from Dubai to Mumbai or in the opposite direction will take only about two hours. For comparison, an airplane flight between these cities lasts approximately three hours. According to available information, the underwater train will use advanced magnetic levitation (maglev) technology, similar to that used in high-speed trains in Japan and China. Investment in the construction of the line has not been disclosed, but it is estimated that it will amount to several billion dollars. Engineers have to solve a lot of technical difficulties. It will take at least seven years to deploy the underwater railway track.
The initiative is considered not only as an alternative mode of transport for citizens who do not want to use the services of air carriers. For Dubai, the creation of the line will help in expanding bilateral trade relations with India. Underwater trains can transport oil, fresh water and other cargo. Due to the high speed of movement, delivery will be carried out as quickly as possible. The new line is expected to have a significant impact on cooperation between the two countries.[3]
R&D
2020: R&D spending - $4.2 billion
Tourism
2022
The number of trips of Russians doubled
According to the FSB Border Service for 2022, the Russians made 1.2 million trips to the country. This is twice as high as 2021 and 21.2% more than before the COVID-19 coronavirus pandemic in 2019. Such data were released in April 2023.
According to updated data, which Association of Tour Operators of Russia (ATOR) refers to statistics, in UAE 2022, 1.1 million Russians left the clean zone of the country's airports, which puts the Arab state on the second line in popularity after. Turkey The most beloved emirate was, in Dubai 2022, 758 thousand Russians visited it - here travelers from Russia steel fifth, losing (1.8 India million), (1.3 To Oman million), (1.2 Saudi Arabia million) and (1.043 Britain million).
It is noted that in 2022 Abu Dhabi received 200 percent more Russians than a year earlier - 74 thousand people. The emirate of Ras al-Khaimah was visited by a record 107 thousand Russian tourists - Russia took the lead in the number of travelers. The final tourist flow to Sharjah is estimated at 120-130 thousand people, data on Fujairah and Ajman are not presented, but, presumably, their volumes are less than in Abu Dhabi.
The company "Russian Express" said that the direction has ceased to be seasonal. "In the summer of 2022, we sent the largest number of tourists to the UAE in the history of sales of the summer Emirates. Of course, this is due to the fact that the list of foreign countries available for recreation has become very small. But the fact that Turkey, traditionally popular with our tourists, has greatly raised prices also played a role, "ATOR reports.
Experts believe that the UAE will retain second place in 2023, as Thailand lacks the volume of transportation, and Turkey remains an uncontested direction.[4]
More than 1 million tourists from Russia
The tourist flow between Russia and the UAE in 2022 exceeded the pre-pandemic level and amounted to more than 1 million people. At the beginning of 2023, Russia and the Emirates connect more than 200 regular flights a week.
2020: Dubai introduces special visa programme for pensioners
Since 2020, any pensioner over 55 years old can use the special Retirement in Dubai program, designed for pensioners from all over the world. The visa for pensioners will be valid for five years. You can apply for a visa on a website specially created for the program.
One important condition: a pensioner must be quite wealthy - have a monthly income of at least 20,000 dirhams (slightly more than USD 5.5 thousand) received from investments or pensions, or have one million dirhams in a bank account, or own real estate in Dubai worth from two million dirhams (about USD 550 thousand).
The program has been running since September 2, 2020.
2017: Tourists spend $21bn in the country
Consumption
2023: Poultry meat is the most consumed type of meat
2018: Minimum age to purchase alcoholic beverages - 18 years
See also
Notes
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