UAE is the most diversified and second largest economy in the Gulf. The government of UAE prioritizes economic diversification in order to promote non-oil growth. The country significantly reduced its reliance on oil from 90% in 1970 to 34% at present.
UAE GDP by year
Source: IMF World Economic Outlook
It is expected that UAE’s economic growth will pick up significantly in 2018, driven mainly by the construction sector as preparations gain speed for the World Expo 2020 in Dubai. The Expo will likely boost the tourism industry and ensure continued double-digit growth rates.