Stories

Oil now plays a very minor role; it represents only around 3 percent of Dubai’s GDP. Dubai’s economic success story is mainly based on its 20 free zones (of which 12 are still under construction). You want to set up your own laboratory in order to invent new drugs for the health sector? Then DuBiotech, a dedicated free zone for biotech companies, is the right zone for you. Entrepreneurs in the IT-sector establish their firms in Dubai Internet City and trade companies go either to the Dubai Airport Free Zone or Jebel Ali Free Zone. Nearly all Fortune 500-companies are present in Dubai.

Within the UAE, Abu Dhabi owns the lion’s share of oil and gas– 95 percent and 92 percent, respectively. As a result, with US$ 63,000, Abu Dhabi is ranked third in the world in terms of GDP per capita (ahead of Switzerland, but behind Luxemburg and Norway). “I think the appeal of Abu Dhabi is that it represents about 60% of the economy of the UAE”, says Michael H. Tomalin, Chief Executive (CE) of National Bank of Abu Dhabi (NBAD), the largest bank in Abu Dhabi . NBAD’s major shareholder is the state. Only 30 percent of NBAD-stocks are listed at the Abu Dhabi Exchange and this is representative for most UAE banks.

For H.H. Sheikh Saud Bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras al-Khaimah, or simply RAK, this title is not enough. His Highness wants to raise RAK to the top of the Middle Eastern economic, tourism and industry rankings. RAK’s GDP has grown by more than 50 percent over the last four years and the fast growing emirate, riding a wave of massive inward investment, is expected to clock an annual growth rate of over 15 percent in the next few years.

Among travelers, Ajman is well-known for the beach hotel, Ajman Kempinski, but the journey does not stop here. Despite being the smallest of the seven emirates that make up the United Arab Emirates, “Ajman is emerging as one of the big players in the real estate sector”, Imad Dana, CEO of Al Zorah, is convinced.
Fujairah, the easternmost emirate of the UAE with a fabulous coast on the Gulf of Oman, is already home to an international airport and, even here, figures are all on the rise.
In five years time, the emirate of Umm Al Quwain wants to be as popular as the other six emirates. Literally, Umm Al Quwain means “the mother of two powers”, a reference to the seafaring tradition of this emirate. It is home to 62,000 people and ruled by the Al Mu’alla-family.