The United Arab Emirates is one of the most developed countries in today’s times, isn’t it? However, it has not been like this. What really? Yes! UAE has witnessed massive changes over the past seven decades.

Travelling Seventy Years Back – The country does not have the required public facilities. Needless to say, there were no social amenities, either. The people were living in extreme poverty. No traces of electricity. No exporting of goods. No means to earn foreign exchange.

No public schools – resulted in an illiterate population. No public hospitals – led to major health concerns. There is no means of communication network and very bad transportation. All of this continued to happen for a long time… and one day, people woke up to the Oil Boom!

Life After The Oil Boom – Right after the beginning of oil exploration, the entire situation has altered unquestionably. The economic and social development reached its peak. Nevertheless, was it all because of the oil discovery?

Hmm! Now, that is some food for thought! Why don’t we look into the factors behind the social and economic development of the UAE? We think it is a great idea! Read below to get familiar with the factors behind the sea change!

The Economic And Social Development Of The UAE: 4 Vital Factors

A lot of factors played valuable roles during the development and growth of the UAE’s economy to change its state and achieve its current economic status. Some of these factors are briefly discussed below. So, whether you are genuinely interested in knowing these factors or if you are asked by your tutor to prepare a detailed PowerPoint presentation for your term, we suggest you read on!

Discovery Of Oil

Let us start with the thing that initiated the most radical turning point in the social as well as economic status of the UAE. Yes, we are definitely talking about the discovery of oil! This factor solely contributes to more than 30 per cent of the entire UAE’s economy. Woah!

Ever since the first oil exportation, which began in 1962, the country leapfrogged from being one of the world’s most impoverished economies to being known as the world’s economic leader in only 30 years of exploration. Holy mackerel!

Social And Political Stability

Next up, we have the social and political stability that proved to be a significant factor that tailors an ideal environment for economic and social development. Areas with political instabilities, including Middle Eastern and North African countries, restrict their potential for economic growth because insecurity inhibits smooth development.

Moreover, political turmoil shoos away any investors who could help form a favourable business atmosphere. Ever since the UAE came into being, the region has gained the fruits of political stability. A lot of people flocked to the UAE in the hunt for job opportunities because of the safety standards in the country. It proves that the region has always had enough labour force to work in the tourism and industrial sectors.

Economic Diversity

Thirdly, economic diversity allows any region to tailor a sustainable future economy by minimising overdependence on key resources that are subject to exhaustion. Far apart from the other countries, the United Arab Emirates continually decreases its over-dependence on oil as the chief economic booster. Do you know that Dubai took significant measures to enhance the tourism sector way before the envisioned exhaustion of its oil reserves in 2015?

Aside from tourism, Dubai is constantly developing other economic sectors, such as business, agriculture, fisheries, etc., to add to the future economy. In recent times, the entire contribution of oil to the UAE’s GDP has been minimised to 30 per cent. At the same time, the tourism industry contributes a massive percentage of GDP. It highlights a healthy economic diversity that would improve economic success and future prosperity.

Globalisation

The last factor on our list is globalisation. It is the most vital factor in the transformation of an emerging economy into a leading one. It allows an economy to fully link up with the outside world in terms of tourism, trade, social integration, and a lot more. With these factors in mind, you will be able to make an outstanding presentation. If you are still unsure of the factors, you can seek help from any expert business presentation design services to help you design the most eye-striking presentation.

Numerous countries in the Gulf region have chipped away at this factor because of the authoritarian nature of the Islamic governments. As a result, this has led to restricted economic growth and development in such countries.

However, the United Arab Emirates has endorsed social integration and globalisation at higher levels than numerous other Islamic countries. Now, this answers the undeniable growth in its economic worth. The formation of free trade zones such as the Internet City and the Media City portrays some of the advantages of globalisation.

• What are the impact of economic and social factors on development?

Social and economic factors impact the choices that are available in a community. These factors include employment, education, safety, income, community, social support, and a lot more.

• What are the reasons behind economic growth in the UAE?

Dubai has much smaller oil reserves than its fellow countries. The largest non-oil source of revenue in the UAE is none other than Tourism. Other than that, a huge construction boom, a thriving services sector, and an expanding manufacturing base are assisting the company in branching out its economy in a seamless manner.

• What are the examples of social and economic development in the UAE?

Low income, unemployment, high illiteracy rates, poor health, and a lot more are some of the best examples of socio-economic development. If the unemployment rates are high, people have to work for industries that are way lower compared to their abilities, that too, on a lesser pay scale.

• When did the UAE become developed?

Ever since its Federation in 1971, the UAE has evolved rapidly and is now known for its up-to-date infrastructure, status as a transport and trade hub, international events, and a lot more.

Summing It All Up!

By reading the information given above, we are sure you are able to conclude that despite UAE being a small federal nation, which was formed by the merging of several emirates, it has experienced a lot of stages of development. There are many factors which resulted in the social and economic development of the United Arab Emirates. A few of them are highlighted above, while many have not. To wrap it all up for you, here are the factors that elevated the economic and social development of the UAE:

1. Discovery of oil
2. Social and political stability
3. Economic diversity
4. Globalisation and much more.

All in all, social and economic development is a factor that needs to be reevaluated by many nations throughout the world. Almost a majority of nations are achieving social development, but economic development seems to fall back.

Thus, it is the utmost responsibility of all governments of different countries around the globe to make sure that they strive hard to achieve economic development and growth. Moreover, they must also consider the social well-being of each and every citizen. By following these tips, any country can have stable and fruitful economies. Yay!