Oil is the UAE's more important export product. Discuss the benefits and the drawbacks that the oil industry brings to the UAE
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With Gulf oil exporters looking forward to an upbeat 2018, analysts say that the UAE economy has much to gain from a long-term bullish outlook.
Opec member countries and other oil producers began output cuts in January 2017, with the aim of lowering the level of oil inventories in OECD industrialised countries to their five-year average. Russia's decision to join Opec and cut oil production has supported an oil price recovery to over $60 per barrel, while forecasts for 2018 put oil at an average of $57 per barrel, a 5.6 per cent increase over 2017.
Oil prices this year rallied to its highest level since May 2015. A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth.
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Answer:
Before oil was discovered in 1950s the UAE's economy was dependent on fishing and a declining pearl industry . But since the oil exports began in 1962, the country's society and economy have been transformed.....
The GDP for 2014 was $419billion..this reflects the rich natural resources in the UAE....
while the UAE extend their renewable energy infrastructure , they are challenged by three main environmental issues : loss of wildlife habitat through urbanization and industrialization , Limited agricultural land caused by UAE'S arid landscape and low precipitation and finally the intensifying effects of climate change.....
But the UAE is committed to protect and manage the rich biodiversity of the state and prevent the extinction of threatened species......
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