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
Politics of the United Arab Emirates legislative, and judicial branches. Additionally, legislative and executive powers are divided into federal and emirate jurisdictions. The constitution of the United Arab Emirates established the positions of president (chief of state) and vice president and elected by the rulers of each of the emirates from within (the seven rulers comprise the Federal Supreme Council, which also has an elected chairman and a vice chairman each serving five-year terms); a Council of Ministers (cabinet), led by a prime minister (head of government); a supreme council of rulers; and a 40-member National Assembly (known as the Federal National Council), a consultative body