In 2003, the UAE produced about 2.3 million barrels (370,000 m³) of oil per day--of which Abu Dhabi produced approximately 85%--with Dubai, and Sharjah to a much lesser extent, producing the rest. Indeed, estimates say that Dubai has less than 10 years of oil left at current production levels and Sharjah has less. Sharjah however, does have some gas reserves remaining. Dubai's small remaining gas reserves are earmarked for use by Dubai, which is one of the largest aluminium smelters in the world, with a very low cost per tonne of production, thanks in part to its energy needs being met by these gas reserves.
Major increases in imports occurred in manufactured goods, machinery, and transportation equipment, which together accounted for 70% of total imports. Another important foreign exchange earner, the Abu Dhabi Investment Authority--which controls the investments of Abu Dhabi, the wealthiest emirate--manages an estimated $360 billion in overseas investments.
More than 200 factories operate at the Jebel Ali complex in Dubai, which includes a deep-water port and a free trade zone for manufacturing and distribution in which all goods for re-export or transhipment enjoy a 100% duty exemption. A major power plant with associated water desalination units, an aluminium smelter, and a steel fabrication unit are prominent facilities in the complex. The complex is currently undergoing expansion, with sections of land set aside for different sectors of industry. A large international passenger and cargo airport, with associated logistics, manufacturing and hospitality industries, is also planned here.
Except in the free trade zone, the UAE requires at least 51% local citizen ownership in all businesses operating in the country as part of its attempt to place Emiratis into leadership positions. However, this law is under review and the majority ownership clause will very likely be scrapped, to bring the country into line with World Trade Organisation regulations.
As a member of the Gulf Cooperation Council (GCC), the UAE participates in the wide range of GCC activities that focus on economic issues. These include regular consultations and development of common policies covering trade, investment, banking and finance, transportation, telecommunications, and other technical areas, including protection of intellectual property rights.
Recently, the Emirate of Dubai has started to look for other sources of revenue. High-class tourism and international finance are the new sectors starting to be developed. In line with this, the Dubai International Financial Centre was announced, offering 100% foreign ownership, no tax, freehold land and office space and a tailor-made financial regulatory system with laws taken from best practice in other leading financial centres like New York, London, Zürich and Singapore. A new stock market for regional companies and other initiatives were announced in DIFC. Dubai has also developed Internet and Media free zones, offering 100% foreign ownership, no tax office space for the worlds leading ICT and media companies, with the latest communications infrastructure to service them. Many of the world's leading companies have now set up shop there. Recent liberalisation in the property market allowing non citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments such as the 2 palm islands, the World, Dubai Marina, Jumeirah Lake Towers, and a number of other developments, offering villas and high rise apartments and office space.
In 2001, budgeted government revenues were about AED 29.7 billion, and expenditures were about AED 22.9 billion.