Business | Economy
Oil boom lifts UAE per capita income above Dh91,000
Per capita income in the UAE has risen above Dh91,000 for the first time, said Abdullah Sultan, secretary-general of the Federation of the UAE Chambers of Commerce and Industry.
- Staff Report
- Published: 00:00 May 13, 2005
Per capita income in the UAE has risen above Dh91,000 for the first time, said Abdullah Sultan, secretary-general of the Federation of the UAE Chambers of Commerce and Industry.
The jump occurred despite the relatively high growth in population. It was spurred by high oil prices and strong growth in GDP.
UAE per capita income in 2003 was approximately Dh81,000. Sultan told delegates at a UAE-German Economic Forum in the German city of Essen that the UAE's GDP last year exceeded Dh340 billion, a 4.7 per cent jump on 2003, while inflation stabilised at 4.5 per cent.
The country's population rose to 4.32 million from 4.04 millon in 2003.
"Trade between the UAE and Germany rose to Dh18.53 billion (3.871 billion euros) in 2004, including 3.54 billion euros worth of German exports to the UAE, and 323 million euros worth of UAE exports to Germany, a 38.9 per cent increase," Sultan said. He told the German audience that each emirate offers many opportunities and choices for investors.
Haraldo Charto, Minister of Economic and Labour Affairs in the North Rhine region, praised Abu Dhabi's investment in Volkswagen and Dubai's recent investment in Daimler-Chrysler, which marked a strong partnership between the two countries.
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