Economic diversification plays a pivotal role in achieving economic well-being. It raises the individual’s standard of living due to the impact of its results on economic growth and stability, development and diversification of revenues and labor structure, capital accumulation, and the degree of technological development. This research aims to compare the results of economic diversification and its reflection on the basic economic indicators affected by economic diversification in Iraq and the United Arab Emirates. The research compares the indicators of the Iraqi economy with the economy of the Emirates and the change in the economic structure of the GDP sectors, the degree of instability of the GDP, monetary policy and the value of the currency, oil, and non-oil exports. It was concluded that Iraq is a rentier state, and that the UAE economy is a relatively rentier economy.