United Arab Emirates

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The United Arab Emirates (UAE) is a federation of seven emirates: Abou Dabi, Ajman, Charjah, Dubaï, Fujaïrah, Ras el Khaïmah and Oumm al Qaïwaïn. Its federal capital is the city of Abu Dabi. The domestic political situation is stable. The AED peg to the USD is supported by this large positive net external position.

It is dominated by Abu Dhabi, which holds large hydrocarbon reserves, and Dubai, which enjoys the most diversified economy (service-based) in the Gulf.


Abu Dhabi has the strongest economy in the GCC region and has the capacity to cope with the dual crises of COVID-19 and the drop in oil prices. For several years, a prudent economic policy and the tightening of prudential rules in the banking sector have reduced economic volatility of the leading emirates of the federation.

Dubai has faced difficult times since 2020 as the COVID-19- linked crisis is taking place in an already weakened economic environment, and Dubai’s strategic economic sectors are highly exposed to the consequences of the pandemic (tourism, logistic).

The United Arab Emirates is a member of the Gulf Cooperation Council (GCC).