The United Arab Emirates (UAE) is a federation of the 7 emirates of Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. In the Gulf Cooperation Council (GCC), the economy of the UAE is the most diversified. A country that was once reliant on the export of its abundant oil reserves to run its economy now draws merely a minority of its GDP from the same, having taken to business and tourism for its economic progress. So much so, that the UAE is one of the biggest business hubs in the world, with its most populous city Dubai acting as a premier global city and a preferred destination for entrepreneurs, investors and tourists alike. All this has been possible as a result of the market-friendly economic policies of the UAE government over the last 3 decades, fostering foreign investment, sustainable development, innovation, and research.