In the early years of the UAE's existence, the ruler of the emirates established the Federation of the UAE, one of the most successful states in the world. The federation was formed on December 2, 1971, in Dubai, uniting six emirates that had previously been under British protection. The rulers of the seven emirates (joined by the eighth, Ras Al Khaimah, in 1972) are: Sheikh Zayed bin Sultan Al Nahyan of Abu Dhabi, Sheikh Rashid bin Saeed Al Maktoum of Dubai, Sheikh Khalifa bin Zayed Al Nahyan of Abu Dhabi, Sheikh Maktoum bin Rashid Al Maktoum of Dubai, Sheikh Hamad bin Mohammed Al Sharqi of Fujairah, Sheikh Saqr bin Mohammed Al Qasimi of Ras Al Khaimah, and Sheikh Sultan bin Muhammad Al Qasimi of Sharjah. They are the owners of the main financial and industrial holdings, including the Emirates Bank, the National Bank of Abu Dhabi, the Commercial Bank of Dubai, and the National Bank of Ras Al Khaimah. They also control the major ports and airports in the region.
The rulers of the emirates are also involved in the management of their respective emirates' affairs, often holding the positions of Prime Minister and Vice President. For example, the ruler of Dubai is the Prime Minister and Vice President of the UAE, and the ruler of Abu Dhabi is the President. They are also the owners of the major financial groups, including the Emirates Bank, the National Bank of Abu Dhabi, and the Commercial Bank of Dubai. They also own the gold and jewelry trade, the construction industry, and the major hotels and resorts in the region.
The UAE is not only a sporting and cultural phenomenon, but also an important trading hub. As the founder of the Federation, the UAE's leadership continues to strengthen its ties with neighboring countries, preserving ancient traditions in a modern form.
