UAE's Oil Share in Economy
23 December 2022•
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Following the discovery of oil, the sheikhdoms which included Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain established the United Arab Emirates in 1971.
Oil and gas has historically been a major contributor to the development of the UAE; in 2005, oil and gas accounted for 60% of the country’s GDP.
Over the past few decades, the UAE has significantly lowered its reliance on oil, and diversified its economy so that oil and gas accounts for anywhere between 20% to 30% of GDP, depending on oil price and other market conditions.
The country still ranks 8th in the world for oil reserves, with somewhere south of 100 billion barrels of oil left.
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