U.A.E | Overview
Official name: United Arab Emirates
Capital: Abu Dhabi
Official languages: Arabic
Monetary unit: Emirati Dirham (AED)
Population (million): 5.7
Total area (sq km): 83,600
Located on the borders of the Gulf of Oman, between Oman and Saudi Arabia, UAE is one of the top high-income countries in the world. In terms of Human Development Index, UAE ranks among the highest in the Arab region, according to the 2013 Global Human Development Report. The significant development success was made though the construction of modern infrastructures and services, social and institutional reforms.
Going forward, UAE economy is forecasted to grow robustly, driven by gains in both the oil and non-oil sectors. The rate of GDP growth will remain dependent on oil production, but the vast stock of accumulated overseas investments will provide a cushion against a prolonged downturn in volatile oil prices. In addition, efforts to diversify the economic base away from hydrocarbons will start to have a more substantial impact in the medium to long term, thereby further insulating the economy from commodity price volatility.
Year joined ICD:
Number of projects approved: 9
Gross Approval ($US million): 83.90
Gross Disbursement ($US million): 40.90