Prior to economic development, the United Arab Emirates (UAE) was one of the least developed countries in the world. However, it has now reached income levels comparable to those of the most economically developed and industrialized countries. Oil revenues allowed the country to skip through various stages of development and focus on mass consumption, which led to the savings and capital accumulation necessary for its economic development. The country's authorities have successfully implemented human development policies since the early 1970s, leading to long-term economic development in the UAE, followed by industrialization, urbanization and modernization. https://www.confiduss.com/en/info/blog/article/uae-global-business-hub/