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Step-by-step explanation:
The UAE has one of the most open economies in the world. This tradition of welcoming business and trade goes back to early Gulf history, when ships sailed to India and along the coast of East Africa as far south as Mozambique.
The UAE continues to be a strategic hub, with business-friendly free zones and a quickly growing economy. The UAE GDP for 2020 was $359 billion. This reflects the rich natural resources in the UAE, which has 10 percent of the total world supply of oil reserves and the world’s fifth largest natural gas reserves.
As a mainstay to the economy, oil exports now account for about 30 percent of total UAE gross domestic product. In addition to being an important supplier of energy, the UAE is now becoming an increasingly relevant consumer of energy. The UAE will continue its long tradition of responsible energy stewardship as it develops and diversifies its economy, accelerates the development of additional hydrocarbon reserves and contributes to the development and implementation of alternative energy sources.