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 the Federal Supreme Court and Courts of First Instance. Supreme Council of Rulers appoints the five judges headed by a president to the Supreme Court. The judges are responsible for deciding if federal laws are constitutional, mediating between inter-emirate disputes. It also possesses the authority to try cases involving cabinet and senior federal officials. Although secular law is applied, the basis of legislation is Sharia (Islamic Law) and involves three of the four schools including (mainly) Maliki, but also the Hanbali and Shafi'i schools. In early 2007, the United Arab Emirates launched the 'UAE Government Strategy' for the years ahead,