United Arab Emirates Essay ⋆ Business Essay Examples ⋆ EssayEmpire

The United Arab Emirates (UAE) is located on the Persian Gulf and is bordered by Saudi Arabia and Oman. There are seven states that make up this Middle Eastern federation. The seven states are referred to as “emirates,” and they include Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. Abu Dhabi is the capital of the UAE, and Dubai is the largest city. The official language is Arabic.

The country was established on December 2, 1971, as a federal constitutional monarchy, and the current president is Khalifa bin Zayeel Al Nahyan. He is the son of the first president of the UAE. When the first president died, his son succeeded him as the leader of this federation on November 3, 2004. Each emirate has its own ruler and has control over mineral rights and revenues. When established on December 2, 1971, the constitution provided for the positions of president and vice president. The ruler of Abu Dhabi is the president, and the ruler of Dubai is the vice president and prime minister. Each serves a five-year term.

Abu Dhabi is the UAE’s major oil producer and Dubai is the UAE’s commercial center. In addition to the above two positions, the government structure includes (1) a council of ministers led by the prime minister, (2) the Supreme Council of Rulers, and (3) a 40-member Federal National Council (FNC). The FNC functions as a consultative body. Twenty of the members are elected and the rulers appoint the remaining 20 members. The first election of members occurred in December 2006. There are no political parties in the UAE.

The UAE was called the Trucial States, which refers to the 19th-century truce (1892 treaty) between the United Kingdom (UK) and Arab sheikhs. In this agreement, the sheikhs agreed to (1) give territory only to the UK and (2) never to enter into any relationship with any other foreign government. In return, the UK offered to protect the Trucial Coast from hostile acts and assist with any land attacks.

The UAE is one of the most industrialized countries in the world. The gross domestic product (GDP) per capita is fifth in the world and third in the Middle East. The currency is the Emirati dirham. Petroleum and natural gas exports play an important role in the economy’s growth. The UAE became wealthy in the 1970s after they gained foreign direct investment funding.

Diversification And Growth

Mana Alotaba was appointed as the minister of petroleum in the late 1960s, and he has been credited with building the petroleum industry. Alotaba’s expertise and understanding of this market has earned him the legacy of being the president of the Organization of Petroleum Exporting Countries (OPEC) for a record six times. Although petroleum and national gas have contributed to the growth of the UAE’s economy, they had a desire to become less dependent on these two commodities as the primary resources for the territory’s revenue. As a result, they saw a need to diversify into other areas such as construction, manufacturing, and the service sector. Japan, South Korea, Thailand, and India are major markets, while western Europe, Japan, the United States, China, and India are major suppliers.

There are approximately 4.4 million people in the UAE, and the growth rate is 4 percent as of 2007. However, it should be noted that only 15 to 20 percent of the population are citizens of the UAE. Approximately 3 million people are in the workforce and 93 percent of this population are foreigners. During the mid-1970s, many believed that the foreign labor force was temporary and would decline when the construction industry started to bloom. However, that did not occur. Nationals were not interested in the new markets, and preferred the traditional managerial and administrative jobs in the public sector, oil, and financial services.

When traveling on business, it is important for foreigners to understand the customs and behaviors of the citizens. In this instance, the citizens of the country are predominantly Muslim and follow the laws of Islam. Some key points to remember when meeting include the following:

Visitors are expected to abide by the local standards.
Most of the body should be covered.
Women should dress modestly.
Alcohol and pork are inappropriate for practicing Muslims.
Friday is considered the day of rest.
Avoid bringing the topics of Israel and women into conversations.
Shoes may be removed before entering a building.
The decision maker in a meeting is usually the person who is silent.

Bibliography:

Khaled Aljifri and Hussein Khasharmeh, “An Investigation Into the Suitability of the International Accounting Standards to the United Arab Emirates Environment,” International Business Review (v.15/5, 2006);
Irvine, “The Global Institutionalization of Financial Reporting: The Case of the United Arab Emirates,” Accounting Forum (v.32/2, 2008);
Martin and T. Karrar, “United Arab Emirates Seek to Curb Inflation,” Wall Street Journal, Eastern Edition (April 19, 2008);
Jeffrey Sampler and Saeb Eigner, Sand to Silicon: Achieving Rapid Growth Lessons From Dubai (Profile Books, 2003);
Jason D. Shaw, John E. Delery and Mohamed H. A. Abdulla, “Organizational Commitment and Performance Among Guest Workers and Citizens of an Arab Country,” Journal of Business Research (v.56/12, 2003);
Marat Terterov and Anthony Shoult, Doing Business with the United Arab Emirates (GMB Publishing, 2006);
“United Arab Emirates,” Euroweek (May 2, 2008);
“United Arab Emirates: Link to U.S. Dollar Kept,” New York Times (January 4, 2008).

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