Question

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How did the United Arab Emirates change its economy in order to avoid problems from dependence on petroleum exports? Respond in at least 2 complete sentences.

Answer 1

Answer:

The economy of the United Arab Emirates (or UAE) is the fourth largest in the Middle East (after Turkey, Saudi Arabia and Iran), with a gross domestic product (GDP) of US$421 billion (AED 1.5 trillion) in 2020.

The UAE has been successfully diversifying its economy, particularly in Dubai, but still remains heavily reliant on revenues from petroleum and natural gas, which continue to play a central role in its economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on oil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget.

Explanation:

I hope this helps because I did not search it up! I learned it today! And it is fun! Please mark me brainliesst!

Answer 2

Answer:

Explanation: The economy was expected to grow 4–4.5% in 2013, compared to 2.3–3.5% over the previous five years. Since independence in 1971, UAE's economy has grown by nearly 231 times to AED1. 45 trillion in 2013. The non-oil trade has grown to AED1.