Structural Shift s in UAE’s Economy and Foreign Trade

Authors

  • Anna Evgen`evna Gudzenko Moscow State Institute of International Relations (University) MFA Russia
  • Aleksander Nikolayevich Zelenuk Moscow State Institute of International Relations (University) MFA Russia
  • Victor Nikolayevich Kirillov The State University of Management

DOI:

https://doi.org/10.24412/2072-8042-2023-6-98-110

Keywords:

Persian Gulf, United Arab Emirates, oil and gas production, non-oil sectors of the economy, innovative production, digitization, re-export trade

Abstract

The states located along the Persian Gulf were under British rule for many years. However, after gaining independence in the 1970s, some of them formed a new country - the United Arab Emirates. Soon large reserves of oil and gas were found on their territory. From that moment on, the income of many states in this region began to grow sharply, the economy began to develop, and in particular the extraction of energy resources and the financial sector. Over the course of several decades, the leaders of the emirates came to the conclusion that the oil and gas reserves might run out in the near future and it was necessary to develop non-oil sectors of the economy. Priority was given to re-export trade, digitization, and the development of raw materials processing industries, oil and gas refining. At the same time, the UAE government began to work out medium- and long-term economic growth forecasts, seeking to focus on promoting innovative industries and industrial structural changes.

Author Biographies

Anna Evgen`evna Gudzenko, Moscow State Institute of International Relations (University) MFA Russia

Place of work, post: Moscow State Institute of International Relations (University) MFA Russia, Postgraduate student of Management and Marketing Department

Aleksander Nikolayevich Zelenuk, Moscow State Institute of International Relations (University) MFA Russia

Candidate of Economic Sciences
Place of work, post: Moscow State Institute of International Relations (University) MFA Russia, Department of Economic Theory, Assistant Professor

Victor Nikolayevich Kirillov, The State University of Management

Doctor of Economic Sciences, Professor,
Place of work, post: The State University of Management, Department of World Economy, Professor

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Published

2024-01-25

How to Cite

Gudzenko, A. E., Zelenuk, A. N., & Kirillov, V. N. (2024). Structural Shift s in UAE’s Economy and Foreign Trade. Russian Foreign Economic Journal, (6), 98–110. https://doi.org/10.24412/2072-8042-2023-6-98-110

Issue

No. 6 (2023)

Section

World economy

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