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
History of the United Arab Emirates right, while the emirate of Fujairah, today one of the seven emirates that comprise the United Arab Emirates, was not recognised as a Trucial State until 1952. Kalba, recognised as a Trucial State by the British in 1936 is today part of the emirate of Sharjah. During the nineteenth and early twentieth centuries, the pearling industry thrived in the relative calm at sea, providing both income and employment to the people of the Persian Gulf. in 1907, some 4,500 pearling boats were operating from Gulf ports in an industry employing over 74,000 men. The Japanese cultured pearl, first a wonder