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Historical Background
The United Arab Emirates (UAE) gained independence from the United Kingdom in December, 1971. It is a federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Fujairah, Ras al-Khaimah, Ajman and Umm al-Quwain. Each emirate is governed by its own ruler; together, they jointly form the Federal Supreme Council.
The UAE has accumulated so many accolades that no other country in the world could have done so in such a short period of its history. It has the world’s eighth largest proven oil reserves amounting to 97.8 billion barrels (bb) and is the third biggest exporter of oil after Saudi Arabia and Russia exporting more than 2 million barrels a day (mbd). It also has the seventh largest proven natural gas reserves in the world estimated at 215.1 trillion cubic feet (tcf). Moreover, the UAE’s economy is the second biggest in the Arab world after Saudi Arabia. It is also the most diversified economy among the Gulf Cooperation Council (GCC) countries.
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