The UAE is also diversifying its economy through a huge construction boom, an enlarging manufacturing baseline, and a prosperous service sector. There is a current $350 billion in an active construction project. Examples of these include the Buri Khalifa that is slated to be the tallest building in the world, Dubai World Central International Airport slated to be the most expensive ever built airport when it is completed and the three Palm Islands slated to be the largest artificial islands in the whole world. Other projects are the Dubai Mall slated to be the largest shopping mall in the world and some man-made archipelago named The World that aims at increasing Dubai’ s tourism industry that is also growing fast. In the entertainment sector, the construction of Dubailand that will be twice the size of Disney World and also the construction of Dubai Sports City that will provide homes for the local sports teams and will be part of the future Olympic bids.
The United States companies can be interested in these construction opportunities. The UAE must be a first-mover in the creation and use of new machinery, which could be done with help from U. S.
firms through the licensing and exporting of existing technology from the states. There is a major increase in the imports especially of manufactured goods, transportation equipment, and machinery, altogether accounted for 80% of the total imports. Abu Dhabi Investment Authority controls investments in Abu Dhabi which is the wealthiest emirate and it’ s a foreign exchange earner and manages $360 billion in abroad investments and $900 in assets. Over 200 factories function at Jebel Ali complex that is located in Dubai and has a deepwater port and free trade area for distribution and manufacturing where all goods for transshipment or re-export have a 100% duty exemption.
Also in the complex, we have a chief power plant having a connected water unit, a steel fabrication unit, and some aluminum smelter unit. The complex is undergoing an expansion; a large global passenger and a cargo airport named Dubai World Central International Airport are also planned in the complex.
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