As you might of picked up in my past blogs, the UAE is a very wealthy country largely due to its large oil reserve and its advances in technology. The UAE began exporting its oil in 1962. Before that, its economy was largely taken up by pearl production, fishing, and agriculture. But since oil prices have been increasing steadily since 1973, petroleum has dominated its economy. For currency, the UAE has money called the dirham. 1 dirham can also be divided into 100 fils. 1 UAE dirham is worth 0.272264 U.S. dollars. Banknotes are issued in 5, 10, 20, 50, 100, 200, 500 and 1000 dirhams. Coins are issued in 25 and 50 fils, and also in 1 dirham. Even though this is not the most interesting topic to blog on, I still hope you enjoyed it. Goodbye!
http://www.state.gov/r/pa/ei/bgn/5444.htm#econ
That's very interesting Sam. UAE is very different from Italy. I noticed that your country's money is called dirham whereas in Italy, the money is called Euros. Italy mainly exports food such as wine, fruits and stuff. Italy's money is equivalent to $1.32 US dollars. I'm excited to see what you'll blog about next week
ReplyDeleteThat was very interesting Sam. Actually it was not but what ever. The Chinese also has a growing economy because of inflation. The more it costs to make stuff, the more people sending their factories to China, the more jobs in china, the more money China makes. When we lose jobs, they gain jobs. It is messed up but cool.
ReplyDeleteThat's very interesting, Sam! The UAE had a very different economy than England! England mainly exports food, machinery, chemicals and tabacco and they import machinery, fuels and food. England's currency is the pound amd pence. One pound is 100 pence and one Canadian dollar is equal to 0.64 pounds. The UAE sounds very interesting and I look forward to learning morr about it,
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