The UAE’s oil reserves are the seventh-largest in the world while its natural gas reserves are the world’s seventeenth-largest. Sheikh Zayed, ruler of Abu Dhabi and the first President of the UAE, oversaw the development of the Emirates and steered oil revenues into healthcare, education and infrastructure. The UAE’s economy is the most diversified in the Gulf Cooperation Council, while its most populous city of Dubai is an important global city and an international aviation hub. Nevertheless, the country remains principally reliant on its export of petroleum and natural gas. A continuing construction boom, an expanding manufacturing sector and a thriving trade and service sector are helping the UAE to diversify its economy. There are currently projects worth of $ 350 billion spread across the country. The largest projects of recent years include the Burj Khalifa, currently the tallest building in the world, the Dubai World Central International Airport, three artificial palm islands, the Dubai Mall, Dubai Marina and, in Abu Dhabi, the Saadiyat and Yas islands for culture and motorsport. Products, machinery and transport equipment together account for 80% of imports. The largest investment agency, the Abu Dhabi Investment Authority (ADIA), manages approximately $ 360 billion in foreign investment and has approximately $ 900 billion in assets.
Emirati culture is based on Arabian culture and has been influenced by the cultures of Persia, India, and East Africa. Arabian and Persian inspired architecture is part of the expression of the local Emirati identity. Persian influence on Emirati culture is noticeably visible in traditional Emirati architecture and folk arts. For example, the distinctive wind tower which tops traditional Emirati buildings, the barjeel has become an identifying mark of Emirati architecture and is attributed to Persian influence. This influence is derived both from traders who fled the tax regime in Persia in the early 19th Century and from Emirati ownership of ports on the Persian coast, for instance the Al Qassimi port of Lingeh. The United Arab Emirates has a diverse society. Major holidays in the United Arab Emirates include Eid al Fitr, which marks the end of Ramadan, and National Day (2 December), which marks the formation of the United Arab Emirates. Emirati males prefer to wear a kandoorah, an ankle-length white tunic woven from wool or cotton, and Emirati women wear an abaya, a black over-garment that covers most parts of the body.
Ancient Emirati poetry was strongly influenced by the 8th-century Arab scholar Al Khalil bin Ahmed. The earliest known poet in the UAE is Ahmad ibn Mājid, born between 1432 and 1437 in Ras Al-Khaimah. The most famous Emirati writers were Mubarak Al Oqaili (1880–1954), Salem bin Ali al Owais (1887–1959) and Ahmed bin Sulayem (1905–1976). Three other poets from Sharjah, known as the Hirah group, are observed to have been heavily influenced by the Apollo and Romantic poets. The Sharjah International Book Fair is the oldest and largest in the country. The list of museums in the United Arab Emirates includes some of regional repute, most famously Sharjah with its Heritage District containing 17 museums, which in 1998 was the Cultural Capital of the Arab World. In Dubai, the area of Al Quoz has attracted a number of art galleries as well as museums such as the Salsali Private Museum. Abu Dhabi has established a culture district on Saadiyat Island. Six grand projects are planned, including the Guggenheim Abu Dhabi and the Louvre Abu Dhabi. Dubai also plans to build a Kunsthal museum and a district for galleries and artists. Emirati culture is a part of the culture of Eastern Arabia. Liwa is a type of music and dance performed locally, mainly in communities that contain descendants of Bantu peoples from the African Great Lakes region. The Dubai Desert Rock Festival is also another major festival consisting of heavy metal and rock artists. The cinema of the United Arab Emirates is minimal but expanding.
