Economy of the United Arab Emirates Economy of the United Arab Emirates The economy of the United Arab Emirates is the second largest in the Middle East (after Saudi Arabia), with a gross domestic product (GDP) of $403.2 billion (AED 1.46 trillion) in 2014. The Emirates have been successfully diversifying its economy. Although the UAE has the most diversified economy in the GCC, its economy remains extremely reliant on petroleum (oil). With the exception of Dubai, most of the UAE is dependent on oil revenues. Petroleum and natural gas continue to play a central role in the economy, especially in Abu Dhabi. More than 85% of
President of the United Arab Emirates President of the United Arab Emirates The President of the United Arab Emirates is the head of state of the United Arab Emirates. Officially, he is elected every five years by the Federal Supreme Council, but because the ruler of Abu Dhabi customarily also holds the presidency of the UAE, the office is "de facto" hereditary. The president is also Supreme Commander of the UAE Armed Forces and chairman of the Supreme Council and Supreme Petroleum Council. The current president is Khalifa bin Zayed Al Nahyan. Sheikh Khalifa became president on 3 November 2004, following the death of his father,