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
Federation of Arab Emirates of the South Federation of Arab Emirates of the South The Federation of Arab Emirates of the South ( "Ittiḥād ʾImārāt al-Janūb al-ʿArabiyy") was an organization of states within the British Aden Protectorate in what would become South Yemen. The Federation of six states was inaugurated in the British Colony of Aden on 11 February 1959, and the Federation and Britain signed a “Treaty of Friendship and Protection,” which detailed plans for British financial and military assistance. It subsequently added nine states and, on 4 April 1962, became known as the Federation of South Arabia. This was joined by the Aden Colony on