Zayed bin Sultan Al Nahyan, ruler of Abu Dhabi and the country's first president, oversaw the development of the Emirates by investing oil revenues into healthcare, education, and infrastructure. The United Arab Emirates has the most diversified economy among the members of the Gulf Cooperation Council. In the 21st century, the country has become less reliant on oil and gas, and is economically focusing on tourism and business.
The government does not levy income tax, although there is a corporate tax in place and a 5% value-added tax was established in 2018.
