The UAE has a population of about 10 million (the large majority of them expatriates) and a nominal GDP of roughly US$510 billion, anchored by hydrocarbons, trade, and finance. It is a member of the Gulf Cooperation Council (GCC), and its currency, the dirham, is pegged to the US dollar. Its tax-free environment underpins the appeal of its Residency Program, which ranks second overall in the index.