GCC, IAEA, IBRD, ICAO, ICC, ICCt
(signatory), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO,
IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, LAS, MIGA, NAM, OAPEC,
OIC, OPCW, OPEC, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WFTU, WHO,
WIPO, WMO, WTO

Diplomatic representation in the US:

chief of mission: Ambassador Yousef bin Mani Saeed al-OTAIBA
chancery: 3522 International Court NW, Suite 400, Washington, DC
20008
telephone: [1] (202) 243-2400
FAX: [1] (202) 243-2432
consulate(s): New York, Houston

Diplomatic representation from the US:

chief of mission: Ambassador Richard OLSON
embassy: Embassies District, Plot 38 Sector W59-02, Street No. 4,
Abu Dhabi
mailing address: P. O. Box 4009, Abu Dhabi
telephone: [971] (2) 414-2200
FAX: [971] (2) 414-2603
consulate(s) general: Dubai

Flag description:

three equal horizontal bands of green (top), white, and black with a
wider vertical red band on the hoist side

Economy
United Arab Emirates

Economy - overview:

The UAE has an open economy with a high per capita income and a
sizable annual trade surplus. Despite largely successful efforts at
economic diversification, nearly 40% of GDP is still directly based
on oil and gas output. Since the discovery of oil in the UAE more
than 30 years ago, the UAE has undergone a profound transformation
from an impoverished region of small desert principalities to a
modern state with a high standard of living. The government has
increased spending on job creation and infrastructure expansion and
is opening up utilities to greater private sector involvement. In
April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US. The
country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. Higher oil
revenue, strong liquidity, housing shortages, and cheap credit in
2005-07 led to a surge in asset prices (shares and real estate) and
consumer inflation. Rising prices are increasing the operating costs
for businesses in the UAE and adversely impacting government
employees and others on fixed incomes. Dependence on oil and a large
expatriate workforce are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and
creating more opportunities for nationals through improved education
and inc