The Economy of the United Arab Emirates
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
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#Dubai #Economics #OilRich
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Sources & Citations -
Abdulla, Y., 2017. Capital structure in a tax-free economy: evidence from UAE.
Al‐Ali, J., 2008. Emiratisation: drawing UAE nationals into their surging economy. International Journal of Sociology and Social Policy.
Al Sadik, A.T., 2001. UAE Economy 1972-1998. United Arab Emirates: a new perspective
Jacobs, W.A.A., 2007. Political economy of port competition: institutional analyses of Rotterdam, Southern California and Dubai. Nijmegen: Academic Press Europe.
Rao, A., 2007. Evaluation of enterprise risk management (ERM) in Dubai-an emerging economy. Risk Management
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Economy about Nepal!
The last time I was this early, the UAE still had a pearl industry.
Do economics of dark web/black market
Good video but comparing not taxing oil in Venezuela vs reducing taxes for business and corporations in UAE is far different.
Thing is the private businesses run the economy with not much meddling by the government. This in return prospers the country.
More welfare and taxes drive companies away.
Heya you made a small mistake when you said that the country has no tax whatsoever. It has a very small Value added tax (5%).
Can you now make a video on Saudi arabia's dependence on oil and its attempt to diversify its economy with its Vision 2030.
When are you going to talk about your home country
I want you to look at historical entities like the roman empire and discuss their economies, this topic would be really interesting.
The problem is that the Roman Empire existed for century, you can't really make a video about its economy that would be accurate for such a long time
Haha this is litteraly the focus of entire doctarates. I think it would take months to sum up the roman empire economically in a certain niche time of their 1000 year existence
he could make a series about it, that would be neat
He could just split the era.
Example
"Economic of Julius Caesar"
"Economic of Early Roman Empire"
"Economic of Eastern Roman Empire".
There will be enough topics to cover the content of an entire year.
@@ftee Yep this was just an example, you got it.
Educational TH-camr talking about airlines: "I don't want to encroach on Wendover Productions' turf"
lmao
Lewis Massie Wendover production pulls out a switch blade knife. Better stay off my turf or Else my next video is going to be the logistics of stabbing economies explain to death
This cracked me up 😂
Papalppallvsfazg all
L.lss
It's funny how some people say that "Dubai has no oil, it has become rich through other ways, only Abu Dhabi has oil". I mean come on, it's like claiming that oil industry in Texas does not benefit the United States as a whole at all?
Internet User it still means each area needs some sort of industry, Texas oil fuels the rest of the country sorta thing.
JGD about 40% of it does, that’s a huge proportion compared to any other one location
Right, with the financial crisis of 2008, Dubai was about to get bankrupt and only the oil from Abu Dhabi saved it. That's why they called it Burj Khalifa (the Emir of Abu Dhabi) and not Burj Dubai as planned
JGD 40% of an industry is huge, if there were no oil in Texas the rest of the country would be very different. North Dakota would probably have a lot more people
The US is too huge and has too many places with oil and gas for a fair comparison (California, Louisiana, Alaska, the Dakotas, Oklahoma, Pennslyvania, the list goes on). What you're trying to say is "saying Dubai doesn't benefit from Abu Dubai's oil is like saying Quebec doesn't benefit from Alberta's oil."
Also, the UAE has a VAT of 5% now.
Yes! I was blindsided by that on my last visit.
That's interesting. 5% is pretty low, but it's a lot more than 0 and it sets them up for future rises if it seems appropriate
Yes this was big news.
Considering it's 15% here is South Africa I'd say that's pretty low
The Dark Lord it’s 27% in my country 😅😅😅
Great video! I lived there for 6 years, and I can confidently say that the consumerist culture has extended to most expatriate communities as well. Also, Indian and Pakistani populations constitute a great deal of the business-managerial sector in the country. Some of my wealthiest friends were Indian or Pakistani. Also, Indians especially are so common that my friends sometimes called Dubai “New New Delhi”. A bit insulting, but funny😂.
The Economics of Saudi Arabia would also be an Interesting vedio.
I agree!
Anonymous and Iraq
or lack thereof
Oil+hajj
@Bangbabangbabangbang woof woof woof
Quite a Lot of regular uploads lately; you're spoiling us; economics-senpai :]
oh, well I tryu, but its still my usual 2 times per week :)
@@EconomicsExplained quite nice 👍
quarentine effect
@@rezoanmahmud5165 *oof!*
Corona effect. Lots of time at home.
There's actually tax in the UAE. 5% VAT was implemented in 2019 with very little exceptions for the education sector, I believe.
Alerz implemented in 2018 actually
You can get your tax returned to you if you show your receipts when leaving the country.
I wonder what will be the effects from the upcoming recession. Oil is down, tourism is down, businesses will be hesitant to make risky expansions.
Wealth funds. They are sitting on more than 1.5 Trillion.
@iqbal sahibil yeah good luck with that
A few months ago there was legitimate worry of Dubai default, but in the end it turns out the fear of a default like in 2008 now appears to be over media hype.
@@Geo-ko2sx they will surive, i'm sure
"British government" shows Victoria, BC lmao
Close enough lol
@@SnakingIvY yeah,after all,they were part of the British empire...And so was half the world but still...
Lmao. Victoria is one of the most British sounding names. Haven’t you heard that the British government is moving to BC with Harry and Meghan?
Yoooooooo
@@kelvinpang438 I live very near there, The architecture and feel has still a lot of that empire still left in it. The parliament building is very Victorian :p
Was getting ready for work when I saw this video drop . . . gonna be late now, but worth it!
Just say you have to quarantine yourself.
2:13 no, the British were originally in the gulf to keep Arab pirates from attacking their British India - British Egypt trade routes. It was also a safe stop over for British trade ships.
Those alone were its value.
British rule actually provided administrative stability as most kingdoms in the gulf didn't have a crisis of succession. This gave long term stability and special diplomatic relationship with the UK helping establish the economies of the gulf countries, ending their smuggling and piracy economy.
Indeed, in the 18th Century the coast of what is now the UAE was known as the "Pirate Coast" to the British
kanderson5555 the biggest pirates and steal nations are Britain they steal Africa , Asia and North America
iqbal sahibil Ok iqbal
Yes, the place was secured by the British Empire, but they were never really interested in developing the local infrastructure the way they've done it in Bombay. The area started developing itself by becoming an important trading zone for merchants from Persia and India.
Piracy is not a thing, but of course colonial Britain would say that to colonize.
I am glad you made this video! I have been waiting for it after suggesting it a few months ago!
I live in Abu Dhabi, UAE, and this video is accurate. Well done!
Do you like it there?
Pls reply to the guy above me
@@nicolasoke7421 yep. 5 years already.
'just add oil'
USA would like to know your location
Russia :P
@Levis. H not consumption its all about the power of the petroldollar .Controlling the supply of oil=Power that the US can project.So the oil joke is still relavant.
@@aerojetrocketdyners-2538 Shouldn't low oil prices spur great economic growth, given it is an input in manufacturing.
Random Weaboo Some people still don’t know that the US is the world’s biggest oil producer in the world. The US doesn’t want the oil in the Middle East anymore.
@@skfoxjrxzz5051 It is but not the ME combined though, not sure for production potential though.
This was a good video, I personally think the UAE is smarter economically than Norway. Because Norway just saved their money, whereas the UAE used that money and reinvested it into the country but via tourism. Tourism is a very good economy because it yes does fluctuate but unless the tourist's trip was horrible whereas they got mugged, arrested, etc. Then tourists and people will keep going to the UAE or using it as a stopover to India or whatever.
Absolutely LOVE the format of these videos and how they are easy to understand for a layman. Please accept my humble engagement statistic as gift. Boys support boys.
Just the mention of Wendover has me excited for an Economics of Airlines crossover that will probably never happen.
I would really like to see a video explaining the economy of Nazi Germany. I hear they were really unique and effective on that front.
collecting jewish golden teeth - quite unique it is
They were not. High debt and inflation with stolen wealth as it's driving economic growth
It focused a lot on stealing from their citizens, whom they didn't like, stealing from the countries they invaded and the slave labor of political prisoners. Of course the quality of life of regular Germans improved. Very few countries doing this kind of things did not make the lives of the ones who they saw as one of their own better.
Lol germany was pretty shit in economics during the Nazi times just imagine a nation that uses all of his money in weapons and not education or infrastructure or something that improves the life quality and not the weapons quality
It was a massive ponzie scheme lmao. Nothing effective about it
The UAE does levy corporation taxes, they just do it on oil companies (at a 50% rate) and foreign banks (at a 20% rate) - the UAE has also implemented a 5% VAT since 2018 for all sales within their territory.
Another thing you got wrong was saying that Venezuela did not have any sort of tax and that is why their economy is really bad at the moment and that is just not correct - since the 90's the income tax and corporation tax in the country is 34%.
Also you make it sound like a country cannot have any sort of future, or that a country is doomed if they do not raise taxes but the reality is that the UAE is showing the entire world that you can have a very successful economy without having high taxes or a big government.
Theyer forced to have low taxes to not starve themselves and keep the internationale oil market interesting? A small government fits its country/purpose?
Yes. But it all comes at the cost of a democracy.
Do you think UAE doesn't have a big government? seriously? And yeah what about the cost of living? You are going to live in a desert and build their economy without citizenship even you are born and raised there.
And don't forget that UAE is a hub for black money, do your research
Spotted the American conservative. The UAE is successful right now because it's a petrol station masquerading as a country. It couldn't afford all those flashy infrastructure projects without oil due to its lack of established tax base.
Thanks for your time and effort
I really enjoyed this video. Thank you!
You have an amazing sense of humor! Thanks For the video!
Thanks for this video! Totally enjoyed it and it's quite well done (again). Living in Dubai and am very happy here. I think it makes sense to mention that the rulers of Dubai are quite invested themselves in the property market here. So that's their future security if you want to say so.
Great video on the UAE! It's such an interesting country, too.
Great video, as someone who lived in the UAE during the early stages of its transformation this hit the nail, spot on. My only comment is that you didn't cover the full story, either due to lack of time in a TH-cam video or because it is not as easily accessible information. If you were to revisit this topic, maybe you could expand on how Dubai and Abu Dhabi went from nothing to having the basic infrastructure for oil and more specifically how Dubai did so not thanks to oil. (Hint: Cargo hub). Another thing you could expand on would be the ways the government makes money now aside from oil. (Hint 2: Expos, land, visas, and security).
im a saudi that has been watching your videos for quite some time now, i see that you have reached my country's borders! looking forward to your video on saudi arabia! if you have any questions feel free to ask me, also i wanna note that while gcc countries like uae and saudi arabia dont have income tax they do indeed have %5 sales tax.
Thats on the products, That is actually nothing comparatively to the other nations.
I'll sum up Saudi Arabia's economy. Export of oil, clusterbombs and bonesaw carrying death squads. There, done.
Oh, and ultra violent Wahhabist ideology wreaking havok across the world, particularly Europe.
i really dont want to get into any political discussions, however, obviously only the first part of your comment (the one about oil) is true, we also export dates and dairy products and various other industries, the problem with western media is that it focuses too much on negativity that we cant see the beauty of other countries and see them for what they actually are, countries are way more than just governments, i wish people could learn that.
deserves an award for what he is saying and what he's showing. synchronicity ..
Thank you very much for adding such video.for all of us these is going to be a best tourist place.
Ok, I'll do it Economics Explained. I'll finally subscribe - You better keep doing what you do!
It's so weird how fucking entertaining these economics videos are. I think it's because these videos explore how economics is attached to the culture/history of each nation, which makes the concept a lot more interesting to engage with
this channel get me so hyped to watch stock video
nice video, thanks for the info
Thanks, this really helped me on my essay.
UAE is a cool place, if I ever had to live anywhere else than Europe or Canada, it will be UAE, a safe and clean place. Good luck UAE
Summers there are quite tough though :)
Would be even better without the slave Labour and oppression. And maybe if they treated women as people.
@@sleepyleftie you're not welcome anyway
interesting as always...would be wondering about the economics of a long term global pandemic
Correction: UAE does have a sales tax in the form of VAT (5%) which it had introduced in 2018.
I would love to see a collaboration with Wendover Production 👌
Make a video about Saudi Arabia. I think it is very interesting case since they changed their economic strategy a lot in the last few years
Omg I just watched a video on pearls by Ted Ed that TH-cam recommended and now you mention pearls again. This is a sign ☝️
You are one of my favourite channels
If memory serves me correctly, Sam from Wendover Productions did a video on how the UAE uses it location and the logistics of incoming/outgoing flights
1:55 Gotta love the great depression stock footage 😂😂😂
Economics of covid 19 next
The comic value of EE's stock footage choices is criminally underrated imo. Did a genuine lol at the ant colony for "colony".
When you said wendover production turf that was when I decided to turn on the bell icon
Thank you
Love the Wendover Productions Plug.
Love your videos man. Could you do a video on the Irish economy especially with Brexit being involved as Ireland is the only eu nation with a land border to the uk. And what your take on how the Irish economy will do going into post Brexit 👍
There is *one correction* that in January 2018, Dubai introduced it's first tax
" 5% Value Added Tax(VAT)" on goods
Ara~ Ara~ EE-sama Uploaded !
Proud to be living in the UAE. I will serve it with all my heart. 🇦🇪
You got human toliets over there.
It is wrong to state that the UAE has not raised taxes. Except for the 5% VAT, it mostly taxes implicitly rather than explicitly across the board. For example, there are implicit fees in almost every tourist-related transaction (hotels, restaurants, bars, etc) in addition to their revenues from tolls, road fines, parking tickets, public transport, and a plethora of government and business fees. The government makes a fair bit of money, but it obviously reinvests a lot of that money into infrastructure projects and foreign investments. It also has a low national debt compared to most other nations. I'd say the UAE government is very methodical and calculated with its finances.
Hi EE! Thank you so much for this informative and entertaining video!
I would just like to ask your personal opinion on where does Dubai sits right now? With the on going OPEC war and tourism industry is really on a bad spot due to corona virus, how do you think UAE/Dubai will play its card? Tough times ahead.
Thank you and looking forward for your reply! Ciao!
Pre-WWII Germany would be an interesting analysis, there's always so much mystery surrounding the post Versailles period to pre-WWII period.
Uruguay despawned in 6:04
What I would I love to hear about is the economics of the Mondragon corporation
Crazy ! that's Warner Bros world at 8:02 , I worked there. Agree with this video essay. Very interesting country to be in. May it prospur
I love the shout out to Wendover Productions
I liked how you end it with the two possible scenarios... You should focus on such future possibilities more often in your videos.. not predictions merely the varies possibilities of the nation's future
Thai viewer here. Please make economic of Thailand.
nope
Do it few years later, it’s gonna be better. Keep up neighbour!
You are actually pretty rich and have good people. It's just you are so politically unstable
nice to watch it in first minute..
Very interesting and accurate video. But there is sales taxes in the form of 5% VAT. Cheers from Dubai.
I'd love to hear about the economics of a pandemic, I think it'd also boost viewership given the current situation :)
Funny that this comment is 2 years old
Might need a couple more weeks, if not months until we can draw a solid conclusion, but will there be a video on the economical effects of the coronavirus?
We might need years to see the knock on effects of it
Can you do the economy of Finland
@10:56-10:57
“The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022.
The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE and is effective for financial years starting on or after 1 June 2023.”
The corporate tax rate is at 9% of the net profit made by the businesses. In order to support small businesses and start-ups, the corporate tax rate will be 0% if the net profit is up to 375,000 AED (US$102,000). Anything more than that, will be taxed at 9% starting from next June.
this was tense
Very informative vid.
Beautiful cocker spaniels btw. 🙂
Can you make a series about the top 10 economies in the world?
The last time i was early i still had ideas on what to comment
me too man... me too...
Nice video. In this case I would also like to see what the consequences of no tax nation are (except Dubai 5% VAT) for the people, as residents have to pay for all Health services, Elementary school and no Pension for workers (Except for citizens of UAE).
With the treat of demonization withstanding,could you also do a piece on Economics with Covid 19?
Great work as always
LOL
Maybe "The economics of pandemics" will be an interesting topic down the line
You should make a video about the stock market. How a crash of the stockmarket leads to a crash of the industry. Ive talked with a quite a few people who thinks the stockmarket "should be removed since it doesnt help people, it just screwes everyone over when it crashes". An in depth video about how the stockmarket affects the economy and how the economy effects the stockmarket would be nice. :)
I wish you would do one on the economy of Nigeria and how oil has affected it
What's the song played at the beginning of the video?
I visited UAE in last 3 months, really nice country.
I would definitely wait for your UAE 2030 video ?
Editing👌
The star war music in the beginning
6:09 automation is here sooner than I thought
you're really getting your mileage out of that stock photage
Some of those tax advantages are now changing as corporate taxes, for instance, have now been introduced so gone are the days of astronomical salaries.
I'm interested on one abt Malaysia!
Proud of my adopted home for the past decade. UAE 🇦🇪✌️
The economy of luxembourg would be interesting too!
he did that already
Do one about the economics of Cuba!
The government own everything. I guess we are done here
Will there be a video about the revent oil price crash?
I'd love to hear about the economy of Myanmar
Similar to North Korea military dictator ship
Can you make a video about the progress of the economic reforms that Saudi Arabia made since it launched the 2030 vision in 2016 and would it succeed ?
Do the economy of Bahamas next please.
Please make a video explaining the "middle income trap"
Are you going to make a video on what the global economy might look like in a pandemic?
You should do it, revisit the video in 10 years
Can we have a video about the impact of Corona virus on world economy and the various stimulus packages released by Central Banks to counter it?
Not enough data yet to even make a prediction. With economies falling flat and getting worse by the minute it's too difficult to make any real assessment. The best we can do is give reports on what is happening...real-time.
"Tourism is the fastest growing industry.....um, previous month ignored..."
i'm dead lol
You forgot to mention how UAE actually used Indian Rupee for almost 10 years after they got independence.
Saibal Republic Yeah some of my family and friends still say rupee then Dirham
because it wasn't imp to mention. LOL
Wasn't relevant to the video .
Actually we still say ropia for the smallest coins we got and many indian words too. The arabs on UAEs coast were merchents so they had to go back and forth from India to China to Africa. Arabs have deeper connection to Indians too since alot of our people married Indians too.