Before 1971, the UAE were known as the Trucial States or Trucial Oman, in reference to a nineteenth-century truce between Britain and several Arab Sheikhs. The name Pirate Coast has also been used in reference to the area’s emirates in the 18th to early 20th century.
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The United Arab Emirates (UAE) is a Middle Eastern federation of seven states situated in the southeast of the Arabian Peninsula in Southwest Asia on the Persian Gulf, bordering Oman and Saudi Arabia. The seven states, termed emirates, are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain.
The UAE is rich in oil and, although it lacks other natural resources, it expects recent additional economic diversification to draw more financial and banking firms. It has become highly prosperous after gaining foreign direct investment funding in the 1970s. The country has a relatively high Human Development Index for the Asian continent.