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Achieving Development SuccessStrategies and Lessons from the Developing World$
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Augustin K. Fosu

Print publication date: 2013

Print ISBN-13: 9780199671557

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199671557.001.0001

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The United Arab Emirates: Some Lessons in Economic Development

The United Arab Emirates: Some Lessons in Economic Development

(p.481) 22 The United Arab Emirates: Some Lessons in Economic Development
Achieving Development Success

Yaw Nyarko

Oxford University Press

This chapter analyses the development strategy of the United Arab Emirates (UAE). The de facto development strategy of the UAE has been at the political level, with economic power concentrated in the hands of the rulers of the seven emirates that constitute the UAE, as well as the rules and policies designed to ensure cooperation from the local or native UAE citizens. Large portions of oil revenue were invested in sovereign wealth funds which now generate significant profits, while the balance of the funds was used to spur domestic investments in tourism and industry. The UAE has been liberal in its use of foreign expertise and skills in domestic industry and has shown tolerance towards the importation of unskilled workers to fuel the growth of the domestic economy.

Keywords:   macroeconomic policies, economic development, economic growth, development strategies, UAE, political power, oil revenues, sovereign wealth funds, tourism, domestic industry

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