United Arab Emirates' Biggest Companies
The United Arab Emirates or UAE consists of the states of Dubai, Fujairah, Abu Dhabi, Ajman, Sharjah, Ras al Khaimah and Umm al Quwain. The UAE has the seventh largest reserves of oil in the world and they also have a highly developed economy, with a high per capita GDP of approximately 50,000 US dollars. The UAE economy suffered during the global financial crisis, with the economy of Dubai being particularly severely hit.
Oil is a very important part of the UAE economy, particularly in Abu Dhabi. Exports of natural resources, including oil, from the UAE account for over 85 percent of all exports from the country. However, the UAE economy has made significant efforts to diversify in order to reduce the country's dependence on oil. This has resulted in significant construction and development. There are currently about 350 billion dollars worth of active development projects, throughout the UAE.
Other important exports from the UAE include textiles, aluminum, iron and steel. These exports are expected to overtake oil in importance at some point in the next 40 to 60 years.
Although the manufacturing industries have been an important factor in the diversification of the economy of the UAE, the tourism sector has also been hugely important. Many of the new developments in the UAE, such as the international airport in Dubai, The World artificial islands, the Dubailand theme park and the many impressive hotels and resorts have been created to entice tourists into the UAE.
Many of the largest companies in the UAE are involved in development and construction. They include Emaar and Nakheel. There are some huge groups of companies based in the UAE, which has subsidiaries that are involved in a wide range of different industries. These major players in the economy of the UAE include the Galadari Group, Dubai Holding, AL Futtaim Group, Etisalat, Al Ghurair Group and the Al Habtoor Group.
Emirates Airlines is an important company based in the UAE. It is Dubai's national airline and one of the largest airlines in the Middle East, operating more than 2400 flights every week. It flies to over a hundred different cities in 62 countries. The airline is a subsidiary of the Emirates Group, which also includes Dnata, which provides airline services. The group employs more than 50,000 people and has a turnover of about 12 billion US dollars.
The Jebel Ali port town is an important center for manufacturing. It contains over 200 factories. Jebel Ali has a deep water port and it is a free trade zone.
DP World is a huge company based in the UAE that is one of the world's leading managers of ports and marine terminals. It operates 50 terminals, and it is also currently developing another 11 terminals. DP World employs almost 30,000 people. Its flagship terminal is the Jebel Ali port in Dubai, which has been voted the Middle East's best seaport 16 years in a row. DP World currently handled over 43 million TEU or 20 foot equivalent containers around the world, but it aims to expand to handle 92 million TEU by the year 2020.