The United Arab Emirates (UAE) was born on December 2nd 1971 and comprises of seven emirates: Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Umm Al Quwain, Fujairah and Ajman. The UAE was established as a result of the joint efforts of Sheikh Zayed Bin Sultan Al Nahyan, the first president of the UAE and the Ruler of Abu Dhabi and Sheikh Rashid Bin Saeed Al Maktoum, the first Vice President and Prime Minister of the UAE and the Ruler of Dubai. The federation of the UAE is constituted in a manner to provide several central services through the federal network, while at the same time enabling the individual emirates to follow their own economic and business agenda.

The UAE is home to the world’s fifth largest oil and gas reserves, with about 90 per cent of these reserves located in Abu Dhabi - the capital of the UAE and the largest emirate. Dubai, which has limited oil and gas reserves has embarked on a diversification strategy since mid 1990s, successfully delinking its economy from oil dependence. Through the creation of various industry-specific free trade zones and economic clusters, Dubai has established itself as the region’s trade, tourism, shipping and business hub in the last decade.

Prior to independence, the various emirates of the UAE were known as the Trucial States, and the component sheikhdoms of the territory were under British protection. Although, from 1892, the United Kingdom assumed responsibility for the sheikhdoms´ defence and external relations, they were otherwise autonomous and followed the traditional form of Arab monarchy, with each ruler having absolute power over his subjects.