UAE emerges as commercial, financial hub

The United Arab Emirates marks its 36th National Day on Dec. 2 with appropriate ceremonies following a year of steady progress at home and the emergence of an international economic crisis that poses major challenges for continued growth in the year ahead.

The nation’s development has been funded to a large extent by the UAE’s ample resources of hydrocarbons, with the fourth largest oil and the fifth largest proven gas reserves in the world. The nation’s founder, Sheikh Zayed bin Sultan Al Nahyan, had the vision to devote oil and gas revenues to development, not just of the infrastructure but also of the country’s people.

Today, led by president Sheikh Khalifa bin Zayed Al Nahyan and vice president and Prime minister Sheikh bin Rashid Al Maktoum, the UAE’s inhabitants enjoy access to modern housing, health care, education and other services while the UAE has emerged, thanks to its numerous ports and airports, as a major commercial and financial trading hub for the entire region.

Also benefiting from the UAE’s spectacular progress are millions of expatriates, including contractual overseas workers, a substantial portion of whom are Filipinos. From less than half a million in 1971, the country’s population increased to nearly five million today. Much of the increase came from expatriates who have flocked to the country to take part in its economic growth and to benefit from the employment and other opportunities. Today, around four-fifths of the populations are expatriates from over 150 other countries around the world.

During the recent global forum on migration and development held in Makati City, the UAE minister of labor, Saqr Ghobash, proposed a pilot project to survey and document best practices in the management of overseas contractual workers in Arab states to improve their qualities of life and working conditions.

“Contractual workers contribute significantly to the development of both their countries of origin and those where they work, improving, at the same time, their own economic situation and that of their families,” said the labor minister, during the global forum attended by President Arroyo. 

The Philippines welcomed the initiative of the UAE for enhancing the welfare of the expatriates.  A spokesman of the Department of Foreign Affairs said that the UAE is one of the most important country partners of the Philippines in economic and international relations. 

The seven emirates that make up the UAE are Abu Dhabi, Dubai, Sharjah, Ra’s al-Khaimah, Fujairah, Ajman and Umm al-Qaiwain. The country lies in the southeastern corner of the Arabian Peninsula, bordered by the Arabian Gulf and the Indian Ocean. The UAE has emerged, thanks to its numerous ports and airports, as a major commercial and financial trading hub for the entire region.