Growth at all costs – a calculated gambit?
BB2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in May 2023.
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GDP | USD358.87bn (World ranking 40, World Bank 2021) |
Population | 9.99mn (World ranking 92, World Bank 2021) |
Form of state | Federation |
Head of state | KHALIFA bin Zayed Al Nahyan |
Next elections | 2023, legislative |

- Political and social stability reinforced through the appointment of the nation’s third president in May 2022 and the nomination of his eldest son as crown prince in April 2023
- Exceptional endowment, thanks to an abundance of hydrocarbons that has allowed for continued current account surpluses and the build-up of large net foreign assets that can be used to absorb significant shocks
- First-class financial and logistical hub with limited dependencies

- An absolute monarchy formed relatively recently (1971) into a federation of seven emirates led by the emir of Abu Dhabi as the principal oil producer, which could fall apart if leadership is compromised
- The anticipated decline in oil revenues may push the government to raise taxes, reducing the UAE's competitive advantage over other countries in the region. Private credit growth will probably be higher than projected GDP growth this year.
- Despite economic diversification, the country relies heavily on hydrocarbons, which are slowly disappearing, and financial and tourist services, which could be compromised by international reputation and credibility issues. Since 2022, the country has been on the Financial Action Task Force grey list for money laundering and terrorism.
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
India
14.3%
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1 |
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China
9.4%
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2 |
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Japan
8.6%
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3 |
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Iraq
6.6%
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4 |
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Saudi Arabia
5.6%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
31.8%
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1 |
13.5%
Gold, non-monetary (excluding gold ores and concentrates)
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Gold, non-monetary (excluding gold ores and concentrates)
12.3%
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2 |
9.6%
Telecommunication and sound recording apparatus
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Non metallic mineral manufactures, n.e.s.
6.6%
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3 |
6.1%
Non metallic mineral manufactures, n.e.s.
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Telecommunication and sound recording apparatus
5.6%
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4 |
6.1%
Petroleum, petroleum products and related materials
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Non-ferrous metals
4.9%
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5 |
5.9%
Miscellaneous manufactured articles, n.e.s.
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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