Economy of UAE

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UAE consists of seven Emirates founded and declared their independence from Britain on 2nd December, 1971 as a federation. Six of the emirates, i.e. Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah & Umm Al Quwain combined on that date. Ras Al Khaimah joined on 10th February, 1972. The total population of seven emirates is 8.3 million ( 38% live in Abu Dhabi, 30% in Dubai, rest in other  areas of Emirates).

UAE has never been a British colony but have come under British protection. For centuries, region was involved in rival ties between local Emirs on Land and Pirates on sea. Britain began attacking pirates to protect its trade with India. This led to ties with the Heads of the areas which continued  till 1971 when agreement was terminated. It was due to Britain's imperial overreach exhausted politically and bankrupt financially, Britain decided to abandon thee states.

UAE became member of Arab league and member of United Nations in 1971.The country is also a member of OPEC and WTO. The economy of UAE is the second largest in Arab world with a GDP of Dollars 403.2 billion in 2014. They have been successfully diversifying their economy. Tourism and International finance are some of the main non - oil source of revenue in UAE.
 
UAE used its oil reserves since 1960 and with a great network of commercial and financial ties to attract global investments, skilled and professional workforce to achieve growth in a short period of time. The cities like Dubai became world famous for unique, modern shopping malls, and fantastic real estates and building projects. Dubai's main exports is crude oil and natural gas which contributes to 60% of country's total exports. It has a remarkable capacity for development and growth and quite recently, main export commodities have begun to include non- oil products.     

Today, UAE has one of the highest per capita income in the world. Oil sector contributes 85% of the GDP.          

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