A History Lesson
The United Arab Emirates was known for its natural pearl industry in the early 1900s. But the Japanese created a cultured pearl technology that reduced the United Arab Emirates' market share in the gemstone, leading to the country's economic downfall, Al Otaiba said. Today, that bitter post-pearl depression reminds the country's leaders to avoid focusing all economic activity on one resource, such as oil, Al Otaiba said. The government maintains a diverse investment portfolio, which includes strategic international partnerships with companies such as Hyatt, Rolls Royce and Lockheed Martin.