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 law system and Sharia law. The court system consists of civil courts and Sharia courts. Administratively, the UAE is a federation of seven emirates, each with its own ruler. The pace of local government reform in each emirate is set primarily by the ruler. Under the provisional constitution of 1971, each emirate reserves considerable powers, including control over mineral rights (notably oil) and revenues. In this milieu, federal powers have developed slowly as each Emirate already had its own existing institutions of government prior to the country's official foundation. The constitution of the United Arab Emirates separates powers into executive,