UAE multinational workforce reaches 3.2 million in 206,000 firms

As such, analysts and decision makers are constantly debating solutions to extinguish the crisis, or at the very least, to tone down its damaging effects.

The latest of these so-called solutions has been an appeal for varied multi-national economic forces, instead of a single one. However, experts agree that the difference in countries' economic size is what enables them to form their own strategies in order to avoid similar crisis scenarios in future.

Commenting on the UAE's ability to overcome the current crisis, Al Hanoo Holding's Chairman, Sheikh Abdullah bin Fahid Al Shakrah, said:

"The UAE has proven, through past experiences, its ability to overcome even more ferocious crises than what is currently being experienced. The UAE has worked tirelessly over time to restore balance to the Unified Government Account after periods of feebleness and structural deficiencies resulting from petrol prices. Today, the UAE has attained a surplus of Dhs5.72bn, while the Gross Domestic Product (GDP) has risen to Dhs729.7bn. According to statistics released by the Ministry of Economy, non-petroleum sectors have had returns of Dhs467.9bn, with Dhs94.5bn for the industrial sector alone, which relates to 22% of the GDP. These returns were made possible by diversifying our income resources."

Al Shakrah, whose company is currently developing two projects in the emirate of Sharjah, Al Nujoom Islands and Emirates Industrial City added, "With a total workforce of 3.2 million multinational workers, 260,000 firms, and a total investment value of Dhs68.6bn made two years ago, the UAE's position as a safe haven for rich investments is well deserved. The resolution of the current crisis is more likely to happen here, especially with the stimulation of the financial markets and the codification of new legislations. We firmly believe that current and future projects can withstand any economic problems, while our maturing markets are still the center of attraction for many investors around the world."

Recent statistics by the Ministry of Labor show that the foreign workforce in the UAE currently tallies about 3.2 million workers, while the number of active companies in the UAE amount to 260,000, with more than 50 companies in the construction sector alone. Of these, 22 companies in Dubai have investments of more than $630bn, there are 12 companies in Abu Dhabi with investments of $250bn, and a further 4 companies is spread across the UAE with total investments amounting to more than $20bn.