The United Arab Emirates (also the UAE or the Emirates) is a Middle Eastern country situated in the southeast of the Arabian Peninsula in Southwest Asia on the Persian Gulf, comprising seven emirates: Abu Dhabi, Ajmān, 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. The name Pirate Coast has also been used in reference to the area's emirates in the 18th to early 20th century. It borders Oman and Saudi Arabia. The country is rich in oil and, although it lacks other natural resources, it expects recent additional economic diversification to draw more financial and banking firms. The United Arab Emirates, a desert-and-coastal nation, has become a highly prosperous country after gaining foreign direct investment funding in the 1970s.