LOC13:36
10:36 GMT
ABU DHABI, Dec 1 (KUNA) -- UAE celebrates on Wednesday the 44th anniversary of its independence and announcement of the union of its six Arab emirates, as they were followed by Ras Al-Khaimah on February 10 of year 1972.
The seven emirates' governmental and private sector institutions and buildings are beautified with the colors of the UAE flags
UAE, with a population of 8.2 million, including 16 percent of which are nationals, according to 2011 statistics, witnessed a comprehensive development and renaissance in all of the state's sectors according to a strategic vision during the last 10 years.
The country ranks seventh internationally in its oil reserves and possesses one of the most developed economies in west Asia, placing the country in the 22nd rank in the world regarding currency exchange, and second strongest country in individuals' purchasing power.
UAE succeeded in investing its GDP valued at USD 279 billion annually in implementing a variety of developmental projects which contributed to boosting the comprehensive development in the country, making it a well-respected state by the whole world.
On the other hand, the local economy achieved a remarkable development as the GDP doubled since the establishment of the Emirati union till last year by 236 times, as a result of continuous efforts exerted in development of human resources, besides preparing a well-based infrastructure according to interntional standards and backed by stimulating economic regulations and policies which are open to the world.
UAE has turned into an international and regional headquarters to more than 25 percent of the largest 500 companies in the world, and is being an investment destination for foreign capitals, which will keep flowing in the country during the next five years, to finance the projects led by the sectors of tourism, industry, transport, and renewable energy.
The winning of Dr. Amal Al-Qubaisi as the Speaker of the UAE Federal national Council by acclamation, which makes her the first Arab women who chairs an Arab elected parliament, as a step towards women empowerment.
The winning of Dubai in hosting Expo 2020 reflects the prominent position UAE is cherishing, as it is embracing such stance in competence with countries with rich history in hosting such international events. (end)
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