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> Of all the ME petrostates, UAE is by a long shot and then some the most liberal and has the most diversified economy Being the best among the worst is not ex

• mseebach 14y ago
  > Being the best among the worst is not exactly a good indicator. And I claimed no such thing. But there is value in comparing countries to comparable countries. In the case of UAE, that's Saudi Arabia, not Sweden. > 90% of exports is oil. Yeah, no. Dubai is a major trading hub with a significant financial and services sector. Oil accounts for just under half of exports of all of the UAE[1] - and the oil isn't in Dubai, it's in Abu Dhabi, so the local number for Dubai is likely much lower. The economy of both the UAE broadly, and Dubai specifically, is still deeply dependant on oil, and there's no doubt that a collapse in oil prices would be totally devastating to the economy. But, as previously stated, they are rapidly diversifying (while they have the money to do so), but this is a process with a horizon of several decades. 1: http://www.indexmundi.com/trade/exports/?country=ae http://www.indexmundi.com/trade/exports/?country=ae