Abstract

Through the benefits of trade openness, diversification, and economic competitiveness, the UAE was successful in its economic endeavors by creating economic winners and protecting those who have been hurt by the embrace of globalization. The country also paid special attention to the issues of wealth distribution and fairness in the allocation of economic resources (inclusive globalization). The most important lesson from UAE’s economic growth is that strong formal institutions with sound vision designed to propel economic development are keys for success.