Economy of the United Arab Emirates

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The United Arab Emirates is a high-income developing market economy (Open market economy), which also advocates for Islamic economics. Its economy is the fourth-largest in the Middle East (after Turkey, Saudi Arabia and Israel), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021–2023. The country's economy is reliant on revenues from hydrocarbons, especially in Abu Dhabi. In 2009, more than 85% of the UAE's economy was based on the oil exports. In 2011, oil exports accounted for 77% of the UAE's state budget. In recent years, there has been some economic diversification, particularly in Dubai. Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification. Dubai has far smaller oil reserves than its counterparts. Hospitality is one of the biggest non-commodity sources of revenue in the UAE. In 2007, there was US$350 billion worth of active construction projects. The UAE is a member of the UNCTAD and World Trade...

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