Question

give examples to prove the emergence of local manufacturing as new source of economic development in UAE​

Answer 1

Answer:

The UAE has been successfully diversifying its economy,[14] particularly in Dubai, but still remains heavily reliant on revenues from petroleum and natural gas, which continue to play a central role in its economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on the oil exports in 2009.[15][16] While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy.[17] In 2011, oil exports accounted for 77% of the UAE's state budget.[18]

Tourism is one of the bigger non-oil sources of revenue in the UAE, with some of the world's most luxurious hotels being based in the UAE. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects.[19]

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Explanation:

Answer 2

The economy of the United Arab Emirates (or UAE) is the second largest in the Middle East (after Saudi Arabia), with a gross domestic product (GDP) of USD 414 billion (AED 1.52 trillion) in 2018. The UAE has been successfully diversifying its economy, particularly in Dubai, but still remains heavily reliant on revenues from petroleum and natural gas, which continue to play a central role in its economy, especially in Abu Dhabi.

More than 85% of the UAE's economy was based on the oil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget. Tourism is one of the bigger non-oil sources of revenue in the UAE, with some of the world's most luxurious hotels being based in the UAE.

A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. The UAE is a member of the World Trade Organization and OPEC.