Answer:
The economy of the United Arab Emirates (or UAE) is the fourth largest in the Middle East (after Turkey, Saudi Arabia and Iran), with a gross domestic product (GDP) of US$421 billion (AED 1.5 trillion) in 2020.
The UAE has been successfully diversifying its economy, particularly in Dubai, but still remains heavily reliant on revenues from petroleum and natural gas, which continue to play a central role in its economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on 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.
Explanation:
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