The Wealth of the UAE has
historically come from the Oil Deposits in Abu Dhabi (The Capital of UAE). If Abu Dhabi runs out of
Oil, the UAE economy will collapse. To what extent do you agree or disagree?
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| Ielts Essay - Oil Centric Economy of UAE |
Over the Last Century the Economy of UAE has been
traditionally dependent on the Oil Exports. One wonders, the day the Oil
reserves in Abu Dhabi
dry-out, the Economy of UAE will crash. Though, some truly believe that the
Economy of UAE is no more OIL centric & has enough channels & resources
now to keep Economic system rolling as it is.
In the Last century, if the fact and the
profile of this middle east country are analysed,
the total focus of the Government of UAE has been on Oil Drilling. New Reserves
are being explored, and more and more production is being achieved. The Oil
Reserves have an overwhelming presence on the prosperity in this Region. There is no other Capital Intensive Infrastructure on the list of the Priorities of the Government, which could actually
produce an equal amount of GDP paralleled to the Oil drilling. All the
expertise in all sectors is imported from the eastern Asian countries or from
the West. Other Industries & Services are merely the Ancillary Industries
to the Oil exploring Industry.
Having said that, the economy of this nation is rapidly diversifying,
over the last few years; to corrobroate, tourism has really picked up pace, aided
by the Duty free Shopping & the Holiday resorts, UAE has become a Weekend
resort for the many Rich in the east and west alike. Today, tourism is
picking up fast and is expected to yield huge revenue in the near future.
In my view, over dependence on a single Industry that relies
on a natural resource, truly makes the fact a viable possibility for tomorrow,
that the Economy might be shattered,
when the last of the oil reserves have been tapped.
