Although the 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. In 2014, Dubai owed a total of $142 billion in debt. The UAE government has worked towards reducing the economy's dependence on oil exports by 2030. Various projects are underway to help achieve this, the most recent being the
Khalifa Port, opened in the Emirate of
Abu Dhabi at the end of 2012. The UAE also won the right to host the World Expo 2020, which is believed to have a positive effect on future growth, although there are some skeptics which mention the opposite. Over the decades, the Emirate of
Dubai has started to look for additional sources of revenue. High-class tourism and international finance continue to be developed. In line with this initiative, the
Dubai International Financial Centre was announced, offering 55.5% foreign ownership, no
withholding tax, freehold land and office space and a tailor-made
financial regulatory system with laws taken from best practice in other leading financial centers, like New York, London, Zürich and Singapore. A new stock market for regional companies and other initiatives was announced in DIFC. Dubai has also developed Internet and Media free zones, offering 100% foreign ownership, no tax office space for the world's leading ICT and media companies, with the latest communications infrastructure to service them. In 2020, the UAE established the
Ministry of State for Artificial Intelligence, Digital Economy and Remote Work Applications, as part of the UAE's efforts to foster economic diversification and adapt to a globalized economy. Many of the world's leading companies have now set up branch offices, and even changed headquarters to Dubai. Recent liberalization in the property market allowing non-citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments, such as the 2
Palm Islands,
the World (archipelago), Dubai Marina, Jumeirah Lake Towers, and a number of other developments, offering villas and high rise apartments and office space. Emirates (part of the Emirates Group) was formed by the Dubai Government in the 1980s and is presently one of the few airlines to witness strong levels of growth. Emirates is also the largest operator of the
Airbus A380 aircraft. , budgeted government revenues were about
AED 29.7 billion, and expenditures were about AED 22.9 billion. In addition, to finding new ways of sustaining the national economy, the UAE has also made progress in installing new, sustainable methods of generating electricity. This is evidenced by various solar energy initiatives at
Masdar City and by other renewable energy developments in parts of the country. In addition, the UAE is starting to see the emergence of local manufacturing as a new source of economic development. Examples of significant government-led investments, such as Strata in
the aerospace industry, under
Mubadala, are successful, while there are also small scale entrepreneurial ventures picking up, such as Zarooq Motors in the
automotive industry. In August 2020, the
Barakah nuclear power plant, the first nuclear power plant in the
Arab world, became operational. In its hard push for economic diversification, the UAE had been increasing its presence in Africa. One of the areas of interest had been clean energy, for which Abu Dhabi's Masdar built infrastructure, including five wind farms in South Africa, a battery energy storage system in
Senegal and solar power facilities in
Mauritania. Emirati companies were also investing in fossil fuels, where
ADNOC purchased 10% stakes in
Mozambique’s Rovuma gas basin. UAE’s e& also established a foothold in around 12 countries across Africa. The Emirati companies also entered the mining sector, where Tahnoun bin Zayed’s
International Holding Company expressed investment interests in mines in
Kenya,
Tanzania and
Angola. However, certain investments had also been controversial. Tanzanian authorities were alleged of forcing several
Maasai off their land for a safari and hunting project of an Emirati firm. A Dubai-based firm, Blue Carbon, signed preliminary agreements in
Liberia,
Tanzania,
Kenya,
Zambia and
Zimbabwe, aiming to generate carbon credits. However, it was accused of attempting to acquire millions of hectares of African forests in a greenwashing attempt. Meanwhile, DP World also invested around $3bn in Africa, and operates ports from Mozambique in the south to
Algeria in the north and
Angola on the
Atlantic. The Emirates had also been alleged of controversial actions in the war zones in Africa, including in
Libya and
Sudan. The UAE targeted another major milestone in its diversification plans, as it granted a “Commercial Gaming Facility Operator” license to
Wynn Resorts in October 2024. Wynn is developing a $3.9 billion integrated resort, Wynn
Al Marjan Island, in
Ras Al Khaimah, which will also include a 224,000 sq. ft. casino component. Set to open in 2027, the project aims at targeting foreign tourists and boosting tourism. Although the UAE established the General Commercial Gaming Regulatory Authority (GCGRA) in September 2023, it has no laws that legalize gambling or its tools and machines. Gambling remains a cultural taboo and illegal for local citizens. Despite the casino facility being constructed in the Emirates, project operators and insiders avoided talking publicly about it. == Foreign trade ==