GLOBAL OIL

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The United Arab Emirates, once a strand of quiet, dusty ports, is now quite rich from the pool of oil on which it lies.

The U.A.E. has the 5th largest proven reserves of oil in the world. At current production rates (set by OPEC) the reserves could last over 100 years. The emirate of Abu Dhabi produces 85% of the oil, especially from offshore Zakum field (12 billion barrels).

Petroleum dominates the economy and gives the U.A.E. significant investment capital. The emirate of Dubai is now a major global banking, finance and tourism center.

The U.A.E. occupies a critically strategic postion, overlooking the Persian Gulf and the Strait of Hormuz through which one-third of the world's oil tankers pass.