Discuss benefits and drawbacks that oil industry bring to uae?

U.A.E a good present but dim future.

Explanation:

Before the oil was developed in the U.A.E they were concentrated on the fishing and the agriculture and had a declining pearl industry. Since the discovery of the oil, the economy has been transformed with a high per capita income, high navigation projects and fuel-efficient vehicles. The U.A.E maintains a strong financial reserve and a good banking sector, has huge investments. The gross official reserves of U.S.D 76.8 billion in 2015 to U.S.D of 118.4 billion in 2020. Most of the drawback includes the decline reserves of oil and political instabilities inland with the rise of the oil prices and the water resource have to be imported as their lands lack the freshwater reserves and are low on agriculture.