The middle Eastern nations are home to some of the largest oil reserves in the world. Thus oil has made them very rich since all nations around the world need oil to function. Many nations especially the UAE have reinvested the money they have earned through oil to diversify their economies. However,note that more money doesn't make these nations developed. Saudi Arabia for example has significant numbers of very poor people (illiterate, denied access to health care), the same goes to places like Iran. This is because there is no equal distribution in the oil wealth.
As a side note, many Arab countries, seeing the volatility of crude oil, have started to diversify their production. Dubai and Abu Dhabi are the best examples of this, as their governments are expanding tourism and services as well as aluminum and coal production.
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