Abstract
The United Arab Emirates (UAE) is a federation of seven emirates, with specified powers delegated to the UAE federal government, and with other powers reserved for member emirates. The seven emirates that make up the UAE are Abu Dhabi (which also serves as the Federal Capital), Dubai, Fujairah, Ajman, Sharjah, Ras Al Khaymah, and Umm al Quwain. The UAE became independent from Britain in 1971. The UAE has an open economy, with Dubai ranked as the most open of all the GCC countries, as well as the most diversified. Successful efforts at economic diversification in the UAE as a whole, but particularly in Dubai, have reduced the portion of GDP based on oil and gas output to 25 %. The country’s Free Trade Zones, especially the Dubai “Jabal Ali” Free Trade Zone, offering 100 % foreign ownership and zero taxes, has helped to attract a wide range of multinational corporations to the country. The 2012 composition of the GDP is indicative of this diversification, with agriculture at around 1 %, industry at 56 %, and services at 43 % (Central Bank of the United Arab Emirates 2012).
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