United Arab Emirates
The United Arab Emirates, located in the Middle East, transformed itself significantly, after the discovery of oil more than three decades ago, into a modern state and one of the most developed countries in the world with a high standard of living. Exports of petroleum and natural gas play an imperative role in the economy, but foreign investments are helping the country reduce its dependence on natural resources. The United Arab Emirates' free trade zones help attract foreign investors because of 100% foreign ownership and zero taxes. The seven states of the UAE are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain.
