COMPANIES

As per a 1999 Report, there were more than 90 Joint stock companies and the national number of shareholders had risen to more than 220,000.

Even though the national economy is mainly funded by the oil sector, current economic success is due to the strategy of economic diversification leading to the creation of additional economic sectors in manufacturing as well as in trading activities. This alternate strong base helped UAE economy to weather the crises due to plummeting oil prices in the late nineties.

According to the Central Bank Annual Report for 1998, UAE gross domestic product at current prices (GDP) was 170.1 billion in 1998 . However, the non-oil sector contribution to GDP rose from Dh 127.1 billion in 1997 to Dh 133.1 billion in 1998, achieving a growth rate of 4.7 per cent, partially off -setting the negative impact of the decline in the oil revenue. As per Planning ministry reports, GDP for 2003 is expected to be 237.5 Billion Dirhams.

The following table provides the comparison between Oil and Non-Oil sector contribution to GDP in 1998.

SECTOR	% of GDP
Oil Sector contribution	21.7
Wholesale / retail sales & Maintenance services	15.4
Government Services including Health & Education	14
Property and Business Services Sector	13.7
Transport, Storage & Telecom	9.2

Free zones have played a pivotal role in attracting manufacturing industries (see Free Trade Zones) and today, hundreds of Manufacturing units covering a wide range of products are distributed throughout the country. Cement, Building Materials such as Hollow Bricks and Metal Girders, Aluminium, Chemical fertilizers and foodstuffs, Beverages, Fisheries and Agriculture Products processing industries top the list, followed by Garments, Furniture, Paper and carton, Plastics, Fibreglass and processed metals.