EIA: "Since declaring independence from the United Kingdom in 1971, the United Arab Emirates (UAE) has relied on its large hydrocarbon endowments to support its economy, though through concerted efforts over the last several decades that is beginning to change. While the UAE is making notable progress in diversifying its economy through tourism, trade, and manufacturing; in the near-term oil, natural gas, and associated industries will continue to account for the majority of economic activity in the seven Emirates (Abu Dhabi, Ajman, Al Fujayrah, Dubai, Ras al Khaymah, Sharjah, and Umm al Qaywayn). On the strength of its hydrocarbon sector the UAE is one of the world's wealthiest nations, with a GDP per capita (at purchasing power parity) estimated at $48,158 in 2011 ranking it eighth in the world in 2011 (directly behind the United States). Beyond the hydrocarbon economy — which continues to account for approximately 80 percent of total government revenues—the UAE is becoming one of the world's most important financial centers and a major entrepôt in the Middle East. Investments in infrastructure and technology, and the development of projects such as the Khalifa Industrial Zone Abu Dhabi (KIZAD) and other economic "free zones," continue to provide the UAE with insurance against oil price declines and global economic stagnation."