Natural resources

The discovery of oil more than 30 years ago in the UAE transformed the country from an impoverished region of small desert principalities to a modern state with a high standard of living. The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification however have reduced the portion of GDP based on oil and gas output to 25%.

The UAE currently has a capacity of 2.8m barrels/day and despite its plans for diversification in the economy, it aims to increase this capacity to 3.5m by 2018.