The United Arab Emirates sometimes simply called the Emirates is a federal absolute monarchy sovereign state in Western Asia at the southeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing maritime borders with Qatar to the west and Iran to the north. The country is a federation of seven emirates and was established on 2 December 1971. The constituent emirates are Abu Dhabi (which serves as the capital), Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain.
The UAE’s oil reserves are the seventh-largest in the world while its natural gas reserves are the world’s seventeenth-largest. Sheikh Zayed, the ruler of Abu Dhabi and the first President of the UAE, oversaw the development of the Emirates and steered oil revenues into healthcare, education, and infrastructure. The UAE’s economy is the most diversified in the Gulf Cooperation Council, while it’s most populous city of Dubai is an important global city and an international aviation hub. Nevertheless, the country remains principally reliant on its export of petroleum and natural gas.
UAE has the second largest economy in the GCC (after Saudi Arabia). UAE is ranked as the 26th best nation in the world for doing business based on its economy and regulatory environment. Although UAE has the most diversified economy in the GCC, the UAE’s economy remains extremely reliant on 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.
The UAE has the most advanced and developed infrastructure in the region. Since the 1980s, the UAE has been spending billions of dollars on infrastructure. These developments are particularly evident in the larger emirates of Abu Dhabi and Dubai. Dubai is the top tourism destination in the Middle East and is the fifth most popular tourist destination in the world.
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