The economy of the United Arab Emirates (or UAE) is the 5th largest in the Middle East with a gross domestic product (GDP) of US$501 billion (AED 1.84 trillion) in 2022.
The UAE economy is heavily reliant on revenues from petroleum and natural gas, 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.
Tourism is one of the bigger non-oil sources of revenue in the UAE. 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.