United Arab Emirates : economy statistics and industry reports

The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement.

In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward.

The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.

The global financial crisis, tight international credit, and deflated asset prices slowed GDP growth in 2010.

UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector.

The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices.

Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency.

The UAE Central Bank and Abu Dhabi-based banks bought the largest shares.

In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi.

The economy is expected to continue a slow rebound.

Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges.

The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.