Expatriates make up at least 80% of Dubai’s population, and consist mainly of Indians, Pakistanis and Filipinos, who take the emirate’s low wage jobs. The government is attempting to address this imbalance through “Emiratisation” (replacing expatriates with local employees), but most native graduates prefer well-paid work in the public sector. Expatriates from rich Western countries, along with Iranians and Lebanese, are employed mainly in white-collar capacities, and middle class Indians are increasingly influential. Dubai’s population, which was 183,200 in 1975, has been growing by up to 7% a year. According to the official census, it was 1.2m at the end of 2005, although many feel this underestimates the real size of around 1.5m (Wealth through knowledge, 2009). Dubai’s official religion is Islam, and the call to prayer is heard five times a day. But the emirate’s commercial ethos and cosmopolitan inhabitants preclude strict enforcement of religious rules. Muslims make up about half the population, comprising UAE nationals (mostly Sunni); expat Arabs and Pakistanis (also Sunnis), and expat Iranians (Shi’ia). Most Indian expats are Hindu or Catholic. There have been terrorist alerts in Dubai since the start of the American-led invasion of Iraq in March 2003, but the risk is deemed relatively low by the British and American governments. Dubai’s high standard of living tends to mitigate radicalism. Even the meager wages of expatriate laborers are generous compared with salaries in their native countries. Ambitious UAE nationals aspire to an MBA from Harvard or MIT, and a job at the Dubai regional office of Citibank or Microsoft (Wealth through knowledge, 2009). UAE citizens have a very high standard of living, western lifestyle, and their financial positions have continuously increased over time. This has allowed for a very materialistic high society with lots of money to purchase houses, cars and other material items. The society is open and free with all types of hotels, restaurants, tourism, recreational activities and sports. The multicultural nature of the country allows for many foreigners to go there to work in well-paying positions. An overall country analysis shows the future trends of development and expansion that the UAE is undergoing will lead to an estimated 4.8 million people living there by the year 2010. Dubai is quickly aspiring to enrich its cultural scene with the $13.6 billion development of the Dubai Cultural Village. This development will include art museums and performing arts centers as well as libraries, schools for music and dance, rare book stores and open spaces for recreation.
Legal In today’s uncertain world of globalization and emerging markets, Dubai’s economic and cultural growth is underpinned by a legal and regulatory framework, which has been developed to support and promote important local and international businesses in Dubai and is continuing to develop. “A recurring theme when deciding where to do business is the suitability of the legal and regulatory framework in the particular local jurisdiction.” (Tarbuck
What Is National Income Accounting Economics Essay
Ans: National income refers to the total value of goods and services produced in the country in a given year. National income is also known as net national product at factor cost.
The need for national income accounting to throw light on distribution of income in society
Various methods of estimating national income
The product or output method focuses on finding the total output of a nation by directly finding the total value of all goods and services produced in a nation. The total value refers to the final value of goods and services in order to avoid the problem of double-counting.
NNP at the factor cost = GDP at the MP – Depreciation NFIA (Net Factor Income) – net indirect taxes
GDP (gross domestic product) at MP = value of output in an economy in a particular year – intermediate consumption
According to this method, national income is the summation of the rewards given to different factors of production.
FACTORS OF PRODUCTION
National income = Compensation of employees Net interest Rental