Free Custom «United Arab Emirates and Economics» Essay Paper

The study can be divided into four parts where we have to establish the economic system that is prevailing in the United Arab Emirates, the goals and impact of the tourism sector, why the government is spending a lot of money to boot the tourism sector in Dubai more than other emirates, and the critical analysis of the social and cultural effects of Tourism.

The economic system in the United Arab Emirates is capitalism where the property and means of production are owned by private investors. All participants in the market activities make decisions guided by rationality, and they are all price takers; each participant is so small to dictate or determine the flow of events in the market. The economy can be opened up to both the local, and foreign investors and there are few legal formalities required for a given firm or individual to venture into a given business activity.

Tourism is a one of the growing sector in the United Arab Emirates; there are particularly many goals set by the sector which include earning a lot of foreign revenue and being the best foreign hub in the world. Tourism has played various roles in the economic wellbeing of the country that includes enhancing GDP growth, creating employment opportunities, contributing to growth of other sectors like agriculture and fishing so as to feed the visiting tourists.

 

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The study has also concentrated on the reasons as to why most of the government expenditure in the tourism industry majorly benefits Dubai at the expense of other emirates. The reasons put forward are that Dubai enjoys both the strategic and economical advantages that enable it to be given the first priority. These factors include availability of outstanding natural beaches, presence of sporting activities, shopping activities and the fact6 that Dubai is the capital center thus it benefits from that privilege.

The study ends by looking at both the negative and positive effects of tourism on culture and the social set up in the United Arab Emirates. It reveals that there are both positive and negative consequences of tourism.