Report on the United Arab Emirates The United Arab Emirates is the second largest Arab economy and the fifth largest oil exporter in the world. From the beginning the UAE has worked to build its own accumulation of external financial assets, with Abu Dhabi taking the lead in managing the country's oil wealth and Dubai's push for economic diversification. The government of the United Arab Emirates is in the form of a monarchy with the President of the United Arab Emirates and ruler of Abu Dhabi, Sheikh Khalifa, as head of state. The rulers of each of the seven emirates belong to the Al Nahyan clan of Abu Dhabi and the Al Maktoum clan of Dubai. Each ruler serves as a member of the Supreme Council and supports the current president. Among the emirates, Abu Dhabi has accelerated reforms in recent years mainly thanks to the efforts of Sheikh Mohammed bin Zayed al-Nahyan. The most enigmatic ruler was Sheikh Mohammed bin Rashid, ruler of Dubai who adopted a pro-business approach to the administration of the emirate and decision-making in general, resulting in the strength and growth of Dubai's economy. The UAE is one of the most open economies in the Middle East and has been a member of the World Trade Organization since 1995 and of the Gulf Cooperation Council (GCC) since 1981. The UAE participates in a wide range of activities of the GCC...... middle of paper ..... .recommended sector to invest in. ReferencesCOUNTRYWATCH. (2007). United Arab Emirates Review. Economic Overview, retrieved October 7, 2008, from the Business Source Complete database. ECONOMIC OVERVIEW. (2008, July). United Arab Emirates country review, retrieved October 7, 2008 from Business Source Complete database.INFLATION: AN ECONOMIC AND POLITICAL THREAT. (2008, July). Middle East Monitor: The Gulf, retrieved October 7, 2008, from the Business Source Complete database. LONG-TERM CHANGE IN ECONOMIC DYNAMICS. (2008, July). Middle East Monitor: The Gulf, retrieved October 7, 2008, from the Business Source Complete database. INTERNATIONAL MONETARY FUND. (2007). United Arab Emirates: Assessment of the stability of the financial system (IMF Country Report No. 07/357). Washington DC: International Monetary Fund.