The United Arab Emirates (UAE) introduced their UAE Vision 2021 in February of 2010, and so far things have been going very well according to the plans for a strong economic future. The region's vision statement reads “We want to be among the best countries in the world by 2021.” It continues by saying, “In a strong and safe union, knowledgeable and innovative Emiratis will confidently build a competitive and resilient economy. They will thrive as a cohesive society bonded to it’s identity, and enjoy the highest standards of living within a nurturing and sustainable environment.”
For the longest time, the UAE was a country whose economy was mostly based upon it’s exports of oil. However, today officials are investing in a bright future and building an economy that is stronger and more diverse, with emphasis on sectors such as tourism and hospitality, industry, financial services and renewable energy, as well as; oil and gas. The recent changes in the region’s economic policies in the last decade or so, have seen their manufacturing exports reach record levels and are they are forecast to continue to rise as prosperity levels increase across throughout the area. As a result of the growing consumer base, the UAE has also seen a rise in imports into the country, which are badly needed to meet the rising consumer demand.
The UAE has also seen an increase in the amount of foreign direct investment. The country is seen as a strategic hub for foreign investors, attributed mainly to the region's forward-thinking economic policies, that are widely regarded as both diverse and flexible. Currently the UAE is restructuring existing investment laws that will make it even more appealing and protective, for foreign investors. As many countries around the world attempt to grow their economies with foreign investments, many of their international trade laws have to be redefined and strengthened in order for an investor to feel secure investing in a foreign country. Judging by the rising interest from foreign investors, the UAE seems to be making all the right amendments in their new trade laws, considering that the newly introduced policies have already begun to generate positive results and continue to offer the investment community a good reason to invest.