Gulf Business Magazine Subscribe to Gulf Business and receive 1,000 FREE Skywards Miles, and the chance to win a further 100,000 in our quarterly draw. Charles Schwab delayed by 20 mins. Click here to see the overall results The UAE has never been one to rest on its oil-based laurels. Despite sitting on almost 10 per cent of the world's proven crude reserves, with an indigenous population of little more than one million, it has always made efforts to broaden its economic base and reduce its exposure to volatile oil price fluctuations.
Most analysts agree that it has enjoyed impressive success.
In Dubai, where hydrocarbons have always been in relatively short supply, the rulers set about building on the emirate's reputation as a regional trade hub. It doesn't come as a surprise that the UAE has been the most successful. While fellow GCC states were desperately slashing public spending and passing austerity projects, the UAE remained unruffled. But Abu Dhabi is extremely wealthy in its own right. Because of this, a temporary dip in oil prices isn't such a problem.