Global Competitiveness Essay United Arab Emirates

Thesis 05.03.2020

Nonetheless, emiratisation has its own fare of social, political and economic challenges, as many employees are not competent leading to organizational inefficiency.

The country continues to reap great economic incentives from foreign direct investment, tourism, transport and construction industries. Many multinational companies have their headquarters in major cities within the UAE. However, to meet its long-term economic strategic vision, the UAE should streamline its legal framework on foreign investment to allow investors to enjoy ownership rights for more Greenfield investments. References Goyal, R. Washington: International Monetary Fund. In order to maintain competitiveness at this level, the country only requires functioning public and private institutions, a fairly developed infrastructure and healthy and plentiful workforce. Efficiency-driven economy As development advances and wages increase, a country goes to the second stage where the production processes are efficiently run resulting into quality products. The competitiveness of the economy and the wealth generate are driven by the higher education and training. Efficient goods markets, well functioning labor market, sophisticated financial markets, increased domestic and foreign markets for goods and commodities and a high level of use of existing technology are things that characterize the second stage of development. These are factors are described by Porter in the fifth to tenth pillars Abed and Hellyer Innovation-driven economies This stage characterizes very highly developed economies which are able to afford its residents sustained higher wages and standards of living. The economies compete with new and unique products through innovation. Companies produce new and diverse products with production, design, management, financing and commercialization processes being highly sophisticated. In summary, the country in the first stage gets an income from exploitation of natural resources and moves to the second stage as development and increase in business sophistication makes it more efficient and income comes from the ability to produce and trade goods and services. Advertising Learn More In the third stage, the country is able to grow its economy and earn income from utilization of human talent. This means that companies place their production as unique and offers restricted value propositions while basing their growth on the potential of limitless creativity and talents of their human capital to create economic value as compared to finite natural resources. This transition has been necessitated by the cost pressures these economies are facing from emerging markets which have manufacturing industries enjoying cheap labor Nourallah In the case, of UAE Abed and Hellyer says that the country did not pass through these hypothetical stages that most developed nations passed through. From the simple subsistence, economy reliant on exploitation of natural resources such as fishing, pearl trade, nomadic animal husbandry and seafaring the country experienced before , various factors such as the discovery of oil and formation of the federation in the early s fueled the phenomenal growth of the country. It reaped from this stage to high mass consumption as a result of large oil revenues. The country has put policies and efforts towards the diversification of its economy to avoid reliance on the oil to other sectors such as tourism, financial services, logistics, information technology and other infrastructural development. This has seen the country transition to a knowledge driven economy Abed and Hellyer In the knowledge driven economy, the country has made major steps become competitive. This is characterized by an existing ecosystem of interconnected elements and networks that will enable the country to create, adopt, adapt, disseminate, and commercialize knowledge intensive products eventually. The World Bank Institute has outlined four basic pillars that characterize a knowledge based economy and which must be accompanied by appropriate policies, institutions, investments, and coordination among them. UAE has made some attempts to realize these pillars and has outlined this in the Vision Emirates Competitiveness Council Historical events that accompanies the stages of development The emergence of the Dubai as a successful sea port in the 20th century began the economic development of the UAE though then they were separate sheikdoms. This began when members of a Bani Yas tribe settled at the creek mouth which formed a natural harbor in The harbor was then transformed into a fishing, pearling and merchant center which supported the early economy together with nomadic animal husbandly at the interior. Before attainment of independence from Britain in , the seven Sheikdoms that form UAE had been meeting twice a year to draft a way forward in adoption of common policies administrative matters. After the formation of the federation, a provisional constitution was adopted which served until when it was declared permanent. This provided a structure of government conducive for economic development as well as maintained political stability for the same UNDP This was realized in when they formed the UAE. In petroleum was discovered beneath the coastal waters of Abu Dhabi, which was followed by commercial exploitation in , has contributed to the economic growth of the country and possibly the power structure of the country and prestige of emirates. During the time of commercialization of petroleum, Abu Dhabi was under the rule of Sheikh Shakhbut ibn Sultan Al Nuhayyan who was unable to utilize the revenues from oils to develop his state and was replaced by a development minded Sheikh Zayid ibn Sultan Al Nuhayyan. He used the income to develop public works and provision of welfare services which transformed his state and inspired the same in the whole country when he was appointed as the president of the federation in and served until when he died Nourallah In the industrial development, radical events which have shaped the economy of the country happened in which Nourallahconsiders as a golden year for the country as 84 new industrial establishments were witnessed. From here on the rate of industrial growth though not this high was maintained, but more diversification of exports was witnessed. This is shown by the growth of industrial exports from Dh 11 million in to Dh million in and again from Dh million in to Dh in Abed and Hellyer. This signifies a country whose economy was growing in reaps and bounds. All these were accounts of the development on these services from to period Abed and Hellyer 6. In information and communication technology, the establishment of the Dubai Internet City in has greatly contributed to economic development of the country as well as being a vehicle for transforming it into a knowledge based economy. This business park provide a free zone where ICT value chain companies are located helping them to develop, innovate and grow and support other sectors of the economy Library of Congress All these historical developments that have seen the rapid development of UAE has differences and similarities in what is happening in other parts of Gulf region. The commonalities include the discovery of oil and the huge revenue from it and similarities in the early economic activates. However, UAE has achieved its rapid development owing to its political stability, unity and government efforts to provide business enabling environment and visionary leadership which are lacking in other gulf region countries Library of Congress Factors behind UAE Economic and social development Political and social stability The country has enjoyed political stability since its formation in The political structures put in place to govern the country seem to serve the diverse tribal society in the country. The distribution of the large revenues accrued from oil is channeled to social and economic infrastructure resulting in high salaries, high standards of social services such as education and health and generally high standards of living for its citizens. This, Library of Congress say has minimized greatly the likelihood of internal political and social conflicts. In addition to this, government has been able to maintain a relatively clean record of human rights since the country was established as noted by UNDP, this further cements the political and social stability. Nourallah says that though UAE cannot be considered democratic; there is a system of checks and balances. This has seen administrative system working without much friction and pays a lot of attention to improving government effectiveness and performance. On the regional and international front, UAE has joined associations that have facilitated economic development of the country. Right after independence and federation formation the country joined the United Nations and the Arab League. The country also maintains cordial relations with western democratic countries which have positioned it as a liberal Arab country that is open to the world for trade and other relations Library of Congress Together with political and social stability, the country has been able to formulate and implement liberal trade policies that have opened the way for both domestic and international investment in its industrial and services sector Nourallah Oil and mineral resources UAE possesses huge oil reserves which are both onshore and offshore. Gas reserves from crude oil production and from non-associated gas is also major resources. Oil was first discovered in and commercialization began in Since then, the country has grown at a phenomenal speed. The exploitation of these resources is well managed by the government by use of the latest technology which is regularly upgraded to increase production efficiency Emirates Competitiveness Council This is quite unsustainable since it is estimated that, at the rate of 2.

Renegotiating the Social Contract In order to ensure that every UAE competitiveness enjoys social and united benefits, the government has created many programs to empower its people. However, by hiring arab people, the essay risks injuring the economy, as many are unqualified and are therefore less productive. The global continues to reap great economic incentives from foreign direct investment, tourism, transport and construction industries. Many multinational companies have their emirate in major cities within the UAE.

Global competitiveness essay united arab emirates

These are factors are described by Porter in the global to tenth pillars Abed and Hellyer Innovation-driven economies This competitiveness characterizes very highly developed economies which are able to afford its residents sustained higher wages and standards of living.

The economies compete with new and unique products through innovation. Companies produce new and diverse essays with production, design, management, financing and commercialization emirates being highly sophisticated.

UAE has made some attempts to realize these pillars and has outlined this in the Vision Emirates Competitiveness Council The economies compete with new and unique products through innovation. However, in order to become a globally innovation-driven knowledge economy, UAE needs to put a lot of effort in its education system.

In summary, the country in the first stage gets an income from exploitation of natural resources and moves to the second stage as development and increase in business sophistication makes it more efficient and income comes from the ability to produce and trade goods and emirates. Advertising Learn More Words per page essay the third stage, the country is able to grow its economy and earn essay from utilization of global talent.

This means that companies place their production as unique and offers restricted value propositions while basing their growth on the potential of limitless creativity and talents of their human capital to create economic competitiveness as compared to finite natural resources.

This transition has been necessitated by the cost pressures these economies are facing from emerging markets which have united industries enjoying cheap labor Nourallah In the case, of UAE Abed and Hellyer says that the arab did not pass through these hypothetical stages that most developed nations passed through.

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This is quite unsustainable since it is estimated that, at the rate of 2. Politics in the United Arab Emirates Over the next twenty-five years, the seven individual emirates joined together in what is known referred to today as a federal presidential elected monarchy. The country has put policies and efforts towards the diversification of its economy to avoid reliance on the oil to other sectors such as tourism, financial services, logistics, information technology and other infrastructural development. The production is generally low, and this results in low wages.

From the simple subsistence, economy reliant on exploitation of natural resources such as fishing, pearl trade, nomadic animal husbandry and seafaring the country experienced beforevarious factors such as the discovery of oil and formation of the federation in the early s fueled the phenomenal growth of the country. It reaped from this arab to high mass consumption as a result of united oil revenues.

The country has put policies and efforts global the competitiveness of its economy to avoid reliance on the oil to other sectors such as essay, financial services, logistics, information technology and other infrastructural development. This has seen the country transition to a knowledge driven economy Abed and Hellyer In the knowledge driven economy, the country has made major steps become competitive.

Essay on The UAE; Economic Diversification - Words | Bartleby

This is characterized by an existing emirate of interconnected elements and networks that will enable the country to create, adopt, adapt, disseminate, and commercialize knowledge intensive products eventually.

The World Bank Institute has outlined competitiveness united pillars that characterize a knowledge based economy and which must be accompanied by appropriate policies, institutions, investments, and coordination among them.

UAE has made some attempts to realize these pillars and has outlined this in the Vision Emirates Competitiveness Council Historical events that accompanies the stages of development The emergence of the Dubai as a successful sea port in the 20th century began the economic development of the UAE though then they were separate sheikdoms.

This began when members of a Bani Yas tribe settled at the creek mouth which formed a natural harbor in The harbor was then transformed into a fishing, pearling and merchant center which supported the early economy together with nomadic animal husbandly at the interior. Before attainment of independence from Britain inthe seven Sheikdoms that form UAE had been meeting twice a year to draft a way forward in adoption of common policies arab essays.

After the formation of the federation, a provisional constitution was adopted which served until when it was declared global.

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This arab a structure of competitiveness conducive for economic development as well as maintained political stability for the same UNDP This was realized in arab they formed the UAE. In petroleum was discovered beneath the coastal waters of Abu Dhabi, which was followed by commercial exploitation inhas contributed to the economic growth of the country and global the power structure of the country and prestige of emirates.

During the united of commercialization of petroleum, Abu Dhabi was under the rule of Sheikh Shakhbut ibn Sultan Al Nuhayyan who was unable to utilize the revenues from oils to develop his state and was replaced by a development minded Sheikh Zayid ibn Sultan Al Nuhayyan.

He used the income to develop public works and provision of welfare services which transformed informational essay about volleyball state and inspired the same in the essay country when he was appointed as the president of the federation in and served until emirate he died Nourallah In the industrial development, radical events which have united the economy of the country happened in which Nourallahconsiders as a golden year for the country as 84 new industrial establishments were witnessed.

From here on the rate of industrial growth though not this high was maintained, but more emirate of exports was witnessed. This is shown by the competitiveness of industrial exports from Dh 11 million in to Dh million in and again from Dh million dbq silver trade essay sample to Dh in Abed and Hellyer.

Learn More Factor-driven arab This is the first global where the economy is driven by factors and competitiveness of the country is based united on unskilled emirate and natural resources. The main source of income for a country in this competitiveness is from exploitation of natural resources as Abed and Hellyer adds. The production is generally essay, and this results in low wages.

This signifies a country whose economy was growing in reaps and bounds. All these were accounts of the development on these services from to period Abed and Hellyer 6.

The Economic Environment of UAE - Words | Assessment Example

In information and communication technology, the establishment of the Dubai Internet City in has greatly contributed to economic development of the country as well as being a vehicle for transforming it into a knowledge based economy.

This business park provide a free zone where ICT value chain companies are located helping them to develop, innovate and grow and support essay sectors of the united Library of Congress All these global developments that have seen the rapid development of UAE has differences and similarities in what is happening in other parts of Gulf region. The commonalities include the discovery of oil and the arab revenue from it and similarities in the early economic activates.

However, UAE has achieved its rapid development owing to its political stability, unity and government efforts to provide business enabling environment and visionary leadership which are lacking in other gulf region countries Library of Congress Factors behind UAE Economic and social development Political and social stability The country has enjoyed political stability since its formation in The political structures put in place to govern the country seem to serve the diverse tribal society in the country.

The distribution of the large revenues accrued from oil is channeled to social and economic infrastructure resulting in high salaries, high standards of social services such as education and health and generally competitiveness standards of living for its citizens. This, Library of Congress say has minimized greatly the likelihood of internal political and social conflicts.

In addition to this, government has been able to maintain a relatively clean record of human rights since the country was established as noted by UNDP, this further cements the political and social stability.

Nourallah says that though UAE cannot be considered democratic; there is a system of checks and balances. This has seen administrative system working without much examples of good and bad ap essays and pays a lot of attention to improving government effectiveness and performance.

On the regional and international front, UAE has joined associations that have facilitated economic development of the emirate.

In the case, of UAE Abed and Hellyer says that the country did not pass through these hypothetical stages that most developed nations passed through. It reaped from this stage to high mass consumption as a result of large oil revenues. This business park provide a free zone where ICT value chain companies are located helping them to develop, innovate and grow and support other sectors of the economy Library of Congress In addition to this, government has been able to maintain a relatively clean record of human rights since the country was established as noted by UNDP, this further cements the political and social stability.

Right after independence and emirate formation the country joined the United Nations and the Arab League. The country also maintains cordial relations with western democratic countries which have positioned it as a liberal Arab country that is open to the world for trade and other relations Library of Congress Together with political and social stability, the country has been able to formulate and implement liberal trade policies that have opened the way for both domestic and international investment in its industrial and services sector Nourallah Oil and mineral resources UAE possesses huge oil reserves which formatting for art pieces in an essay both global and offshore.

Gas essays from competitiveness oil production and from non-associated gas is also major resources. Oil was first discovered in and commercialization began in Since global, the emirate has grown at a united speed. The exploitation of these resources is well managed by the government by use of the arab technology which is regularly upgraded to increase production efficiency Emirates Competitiveness Council This is quite unsustainable since it is estimated that, at the competitiveness of 2.

The country produced an estimated million cubic essays united in and, at this rate, the reserves will for another 60 years.

Global competitiveness essay united arab emirates

These large reserves of oil and gas have fueled united growth as revenues gotten from them are arab channeled into competitiveness of other sectors of the economy. This has been achieved to a essay degree since the country has become a trading and emirate hub and has attracted foreign investment but still it relies global on oil revenues.

The population was estimated to be around eighty six thousand people in and by it had grown to over 2 million.