United Arab Emirates consists of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. Before 1971, they were known as the Trucial States or Trucial Oman, in reference to a nineteenth-century truce between Britain and several Arab Sheikhs. It borders Oman and Saudi Arabia. The country lacks natural resources, but it is rich in oil and expects recent additional economic diversification to draw more financial and banking firms.