I do not think that UAE has a problem with cheap oil.

There is no free healthcare, education, retirement, immigration, social welfare, unemployment benefits, refugees, government jobs, etc in UAE.
The number of people enjoying the above is so small comparing to a number of people overpaying or getting underpaid for the above.
Their citizens can always be covered with a sovereign fund...You cancel few orders for fighter jets and you are covered.
Try and set up a company in UAE. You will not get a dime of credit for free even if you employ 100 people.
It doesn't look like that, however it is a very cost neutral government in my opinion.

Why would you educate the masses? Then they will get wise and realize what a dump they are really living in and over throw the leaders.
Now the leaders do have to supply a nice house with free electricity and appease the masses.