The UAE has always been more progressive (relatively speaking) to it's Arab neighbors. They have seen the writing on the wall for fossil fuels for some time; what, with bio-algae, wind, solar, nuclear etc. What they are currently doing is a Hail-Mary pass and betting all or nothing that if they develope enough world beating infastructure and amenities than people will want to live and conduct business there even if there is no oil. It will either succeed or fail spectacularly.
Here is a scary thought: Currently most Arab nations only have enough indigenous natural resources (water, fertile land) to feed 10% of their current populations. When the oil runs out, or becomes obsolete, and they fail, which most certainly the majority will ( just look at their work ethic), to develope alternate exportable goods/services 90% will starve or dessicate (best word for "die of thirst" I can think of) to death. However, in light of their enormous financial investment in the west, they may strong-arm developed countires to take in all those people.