The UAE has an open economy. UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. Its economy is highly dependent on natural resources like oil and natural gas. UAE shares a healthy trade relation with UK, who forms one of the most important export partner of the country. Export transactions worth millions of dollars are carried out by Britain in the field of manufactured goods, power generation equipment, telecommunications equipment, industrial machinery and vehicles. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.