The United Arab Emirates was founded in the 1972 and is a federation of seven monarchies: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah, and Umm al-Qaiwain. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. In the last decades many efforts had been taken to diversify the economy from oil into advanced sectors like finance, commerce, transportation and tourism. In Dubai it was created a free trade zone that offers opportunities for 100% foreign ownership with zero taxation. However, hydrocarbons still account for roughly 80% of total government revenues. In 2008–2009, the UAE was hit hard by falling oil prices, the collapse of a real estate bubble, and the global banking crisis, but the economy has slowly rebounded. Today the 5.3 millions citizens growth at a yearly rate of 3% (the world's 10th) and benefit from a pro capita income of US$ 48.000, one of world's highest.
The country economy is one of the faster growing in the world, thanks to a growing level of economic freedom, a stable inflation rate (at 2.5% this year) and a low public debt (in 2011, 42% of GDP). In the 2011 the GDP was 5%.
United Arab Emirates car market hit the best January ever, growing 26.7% from last year, keeping the pace from previous tremendous growing trend. In January, Mitsubishi posted an outstanding performance with share increased at 8.3%.
The United Arab Emirates car market ended the 2012 with a new great performance posted in December, when it was up 26.6%. Full Year 2012 volume soared 27.8% from the previous year. Toyota hit for the first time ever the 100.000 sales in the market.
The United Arab Emirates car market is one of the world's healthiest and November data confirmed the trend with sales booming 32% from last year. While Toyota was stable on top, Mitsubishi climbed in 3rd thanks to Pajero performance.
In October 2012, the United Arab Emirates car market posted the 18th Y.o.Y. increase in a row, growing 13%. YTD sales were up 27.5%. The Porsche Cayenne was the best luxury car sold, surging in 22nd place, the best world's ranking for a Porsche.
The United Arab Emirates was still hot in September, posting the 17th year-on-year increase in a row, growing 32% from last year. Year-to-date sales were up 29% with the market running fast towards the new all-time record.
The United Arab Emirates car market in August 2012 posted 27.300 sales, up 35.9% from last year. Year-to-date sales were 199.949, up 29.0%. Toyota dominated the market with a share of 34% and posting 6 models in the top seven.
The United Arab Emirates car market momentum is continuing in the 2012 with 71.458 sales year-to-date May, up 15.3% from last year. Toyota dominates with one sale each three cars sold and with the top3 best selling models.