What has been a primary driver of the UAE's economy since the discovery of oil?

The primary driver of the UAE's economy since the discovery of oil has been oil revenues. The discovery of oil in the 1950s transformed the UAE from a region primarily engaged in fishing and pearling into one of the wealthiest countries in the world. Oil exports provided a significant source of income that allowed the government to invest in infrastructure, healthcare, education, and diversification efforts.

This influx of oil revenue facilitated rapid development and urbanization, contributing to the establishment of industries and services that would later help in reducing the economy's dependence on oil. As the UAE recognized the importance of economic diversification, the initial oil wealth played a crucial role in funding these initiatives. The ongoing significance of oil revenues remains evident as they continue to influence the broader economic landscape of the UAE, even as the country looks towards alternative sources of growth and sustainability.