[22] The UAE's economy is one of the most open worldwide, and its economic history goes back to the times when ships sailed to India, along the Swahili coast, as far south as Mozambique.

[26] The government of the United Arab Emirates announced a broad restructuring and merger of more than 50% of its federal agencies, including ministries and departments, in an attempt to deal with and recover from the economic shocks following months-long coronavirus lockdown.

[28] Previous UAE President Zayed Bin Sultan Al Nahyan is credited with bringing the country forward into the 20th century and using the revenue from oil exports to fund all the necessary development.

Likewise, former UAE vice-president Rashid bin Saeed Al Maktoum had a bold vision for the Emirate of Dubai and foresaw the future in not petroleum alone, but also other industries.

[29] In the 1980s Dubai's diversification centred around trade and the creation of shipping and logistics centres, notably Port Rashid and the port and Free Zone of Jebel Ali as well as Dubai International Airport,[30] leading to a number of major global plays in shipping, transportation and logistics (DP World, Emirates, DNATA).

[38] On 16 March 2023, the EU added the UAE to its blacklist of high-risk third countries having weak regulations for anti-money laundering and countering the funding of terrorism.

The UAE Economy Minister Abdulla bin Touq Al Marri criticized the EU, stating that it can’t dictate the other countries about their management or labours rights.

[43] In 2021, the main export partners of the UAE were India (14.2%), Japan (8.3%), China (mainland) (7.7%), Saudi Arabia (7.5%), Iraq (4.8%), Singapore (4.0%), the European Union (4.0%), Oman (3.8%), Hong Kong (3.4%), and Thailand (3.0%).

The UAE also won the right to host the World Expo 2020, which is believed to have a positive effect on future growth, although there are some skeptics which mention the opposite.

liberalization in the property market allowing non-citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments, such as the 2 Palm Islands, the World (archipelago), Dubai Marina, Jumeirah Lake Towers, and a number of other developments, offering villas and high rise apartments and office space.

[53] The UAE targeted another major milestone in its diversification plans, as it granted a “Commercial Gaming Facility Operator” license to Wynn Resorts in October 2024.

Although the UAE established the General Commercial Gaming Regulatory Authority (GCGRA) in September 2023, it has no laws that legalize gambling or its tools and machines.

In 2014, the United Arab Emirates managed to export 380.4bn dominated by four products which are [1] (19.8%) Diamonds, whether or not worked, but not mounted... (3.4%) Gold in UAE(3.2%) incl.

The EU sanctions targeted two UAE-based companies, I Jet Global and Success Aviation Services, which were exporting dual-use goods.

[60] The United Arab Emirates has introduced significant changes to its regulations concerning the promotion and distribution of foreign investment funds within the country.

As part of these changes, encapsulated in several decisions by the Securities and Commodities Authority, is that foreign-owned funds can no longer directly advertise or distribute units publicly in the UAE.

The sale emerged amidst the US sanctions imposed on several oil traders in the UAE's free trade zones, particularly Hamriyah, for continuing business with Iran and Russia.

In November 2023, OFAC sanctioned a dozen companies in various UAE’s free zones for facilitating the sale of Iranian products in third countries through Sepehr Energy, which is affiliated with Iran's Armed Forces General Staff.

However, Australian unions criticized the deal, highlighting the UAE's poor human rights and labor record, including modern slavery under the kafala system.

Michele O'Neil also expressed concerns regarding the exploitation of migrant workers in the UAE, calling it one of the most repressive regimes with which Australia has entered into a bilateral trade deal.

[71] In March 2006 about 2,500 workers, upset over buses that were delayed for the end of their shifts, protested and triggered a riot, damaging cars, offices, computers and construction equipment.

[77] While there is general agreement over the importance of Emiratisation for social, economic and political reasons, there is also some contention as to the impact of localization on organizational efficiency.

Recent research cautions that localization is not always advantageous for firms operating in the region, and its effectiveness depends on a number of contingent factors.

Thousands of the Britons working in the city started selling off their possessions to collect money, as the strict visa regulations forced them to return to the UK.

The findings of the DCT concern the organization as the UAE’s economy largely relies on foreign workers and thus fulfills a crucial international role.

[89][90] The 31st edition of World Report 2021 released by Human Rights Watch reiterates that labour abuses driven by an exploitative kafala system are persistent in the UAE.

The change was due to "the potential material weakening in their standalone credit profiles", where the UAE's economy was facing additional challenges amidst the COVID-19 pandemic and low oil prices.

[96] The Fitch Ratings in its 22 June 2020 report predicted that the Standalone Credit Profiles of UAE-based banks are to possibly weaken in the following year owing to the financial crisis caused by the coronavirus pandemic and oil price collapse.

[97] The development in the real estate and infrastructure sectors during the recent year has contributed in making the country a global touristic destination.

The package is said to consist 3,099 plots, 2,000 house loans and 601 homes and exempting some families of the deceased citizens and retirees from the repayment of mortgage.