The UAE is a significant player in the world oil industry (United Arab Emirates, 2006), but
its wealth is increasingly attributable to its non-oil sector, which has risen from a 35.4%
share of GDP in 1972 to a 70% share in 2003 (Kawach, 2003). Its “free zones” and
developments have been designed to capture investment from the “petrodollars” of its oil
booms. It also has an important political role in its region, as part of the GCC, which
consists of six oil-rich states, all developing their own stock exchanges and all, with the
exception of Saudi Arabia, having adopted IFRS to some extent (IAS Plus, 2006a).
The UAE is a significant player in the world oil industry (United Arab Emirates, 2006), butits wealth is increasingly attributable to its non-oil sector, which has risen from a 35.4%share of GDP in 1972 to a 70% share in 2003 (Kawach, 2003). Its “free zones” anddevelopments have been designed to capture investment from the “petrodollars” of its oilbooms. It also has an important political role in its region, as part of the GCC, whichconsists of six oil-rich states, all developing their own stock exchanges and all, with theexception of Saudi Arabia, having adopted IFRS to some extent (IAS Plus, 2006a).
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