The United Arab Emirates (UAE) is a federation of seven states located in the southeast of the Arabian Peninsula and shares borders with Oman and Saudi Arabia. The seven states, called emirates, are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, Umm al-Quwain. This country is rich in oil though it lacks other natural resources, it expects that recent additional economic diversification will draw more financial and banking firms. It has prospered after obtaining foreign direct investment funding in the mid 1970s. The UAE were known as the Trucial States or Trucial Oman before 1971, refering to a nineteenth-century truce between Britain and several Arab Sheikhs. Once the name Pirate Coast was used in reference to the emirates of areas in the 18th to early 20th century.