Structural Shift s in UAE’s Economy and Foreign Trade

Anna Evgen'evna Gudzenko, Viktor Nikolayevich Kirillov and Aleksander Nikolayevich Zelenuk
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Anna Evgen'evna Gudzenko: MGIMO-University, Moscow, Russia
Viktor Nikolayevich Kirillov: State University of Management, Moscow, Russia
Aleksander Nikolayevich Zelenuk: Moscow State Institute of International Relations (University) MFA Russia, Moscow, Russia

Russian Foreign Economic Journal, 2023, issue 6, 98-110

Abstract: The states located along the Persian Gulf were under British rule for many years. However, after gaining independence in the 1970s, some of them formed a new country - the United Arab Emirates. Soon large reserves of oil and gas were found on their territory. From that moment on, the income of many states in this region began to grow sharply, the economy began to develop, and in particular the extraction of energy resources and the financial sector. Over the course of several decades, the leaders of the emirates came to the conclusion that the oil and gas reserves might run out in the near future and it was necessary to develop non-oil sectors of the economy. Priority was given to re-export trade, digitization, and the development of raw materials processing industries, oil and gas refining. At the same time, the UAE government began to work out medium- and long-term economic growth forecasts, seeking to focus on promoting innovative industries and industrial structural changes.

Keywords: Persian Gulf; United Arab Emirates; oil and gas production; non-oil sectors of the economy; innovative production; digitization; re-export trade (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2023_06_98-110

DOI: 10.24412/2072-8042-2023-6-98-110

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