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UAE is the smartest player in the GCC region. With the huge crude oil revenue it acquired earlier, it has diversified its economy into manufacturing, aviation, real estate and tourism. It is now becoming a major hub for education and Health care in Middle-East. Now, these sectors i.e. manufacturing, aviation, real estate and tourism and keeping its economy running in full gear and now, UAE is not much dependent on crude oil revenue
I fully agree with Mr.Fazlur answer, I also might add that UAE had a great leaders with a great vision that had in mind that dependency on oil is not good on the long run.
Apart from crude oil UAE's other income sources are real estate and tourism.
The economy of the United Arab Emirates is the second largest in the Arab world (after Saudi Arabia), with a gross domestic product (GDP) of $570 billion (AED2.1 trillion) in 2014. The United Arab Emirates has been successfully diversifying its economy.
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. More than 85% of the UAE's economy was based on the oil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget.
Dubai suffered from a significant economic crisis in 2007-2010 and was bailed out by Abu Dhabi's oil wealth. Dubai's current prosperity has been attributed to Abu Dhabi's petrodollars. Dubai is currently in extreme debt.Tourism is one of the main sources of revenue in the UAE, with some of the world's most luxurious hotels being based in the UAE. Although the UAE is now less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects.
The UAE is a member of the World Trade Organization and OPEC.
I fully agree with the answers been added by EXPERTS..............Thanks.
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