The Prosperity of UAE
Fares Al-Shargie and
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Fares Al-Shargie: American University of Sharjah
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Competition between nations is essential in achieving prosperity and economic development. Nations cannot have competitive advantage in all aspects. Some nations enjoy competitive advantage in specialized areas, for example, Switzerland has a competitive advantage in the watches industry, while Italy has competitive advantage in the shoes industry. Competition advantage relates to nation’s productivity, which is explained by nation’s output value per a unit of capital or labor, in a cost effective and efficient manner. Initially economists believed that country’s national resources, labor force, interest rates, as well as currency value are the key determinant of nation’s competitive advantage. This paper presents different aspects of prosperity in the United Arab Emirates (UAE) and compare it with that in Saudi Arabia.
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