UAE remains second richest Arab nation

The UAE maintained its position as the second richest Arab nation after Qatar last year despite a sharp increase in its population, according to official data.

The country's per capita income, which is calculated by dividing the gross domestic product over the population, stood at around Dh72,500 ($19,755) in 2003, second only to Qatar in the region and one of the highest in the world.

The income remained high although the UAE's population raced by around 7.8 per cent last year, the highest population growth in the world.

The figures by the Central Bank and the Ministry of Planning showed the UAE maintained that status following a surge of nearly 12.4 per cent in its GDP to a record Dh293 billion ($79.8 billion) in 2003 mainly because of a sharp rise in oil prices.

"The UAE's per capita income last year was the second highest after the 2000 income…it is expected to remain almost unchanged this year as the nominal GDP is projected to grow by around six per cent and the population by 6.5 per cent," an Abu Dhabi-based banker said.

Qatar remained on top of the list of wealthy Arab states as its per capita income rose to about 111,000 Qatari riyals ($30,410), among the highest 20 per capita incomes in the world.

Saudi Arabia which had dominated the Arab wealth, retreated to the fifth position in the 21-nation Arab League because of sharp growth in its population and a decline in oil exports.

Saudi Arabia's per capita income was estimated at nearly $8,800 last year.

Kuwait ranked third in the Arab world, with an estimated income of $15,600 last year while Bahrain was richer than Saudi Arabia, with an income of around $11,650. Oman, which had an estimated income of around $8,100, ranked last in the GCC and sixth in the Arab world. Mauritania remained the poorest Arab country with an income of $345.