Write a short paragraph on the major developments in United Arab Emirates for the past 46 years in not more than 100 words.
The UAE was formed on 2 December 1971. Since then, UAE has become a very prosperous country. The per capita of the country is now nearly 70000 USD. Much of the prosperity of the UAE is based on the large reserves of oil that it possesses. In recent times, the UAE has tried to diversify its economy and reduce its dependence on oil. For example, tourism is a major revenue earner for the UAE, particularly Dubai. Politically, UAE has remained a union of monarchies where the people do not have much democratic rights.