From oil to diverse enterprises
Previously known as the Trucial States, the UAE was officially formed in 1971 and is a federation of seven emirates comprising Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah. It is strategically located at the southern tip of the Arabian Gulf, midway between Asia and Africa.
In recent years the UAE has encouraged investment in non- oil and gas trade; today, the country has one of the most varied economies in the Middle East with tourism, banking, industry and construction all accounting for high levels of activity.
As well as being within easy reach of countries such as Turkey, Jordan, Yemen and Lebanon, the UAE is well placed to trade with Asian, African and European markets. Furthermore, as a member of the GCC (Gulf Cooperation Council), the UAE enjoys close trading relations with the other GCC countries: Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.