Everyone has a unique "..." and a nuance here and a nuance there.
UAE has a unique yada yada and also ended up with a surprisingly remarkably free economic index despite being a theocratic monarchy.
As did the monarchy Lichtenstein, British controlled Hong Kong, and the one-party state of Singapore (technically democratic, in practice it functions like a recallable monarchy).
Also of note the three richest countries by GDP PPP per capita are Monaco (hybrid monarchy with monarchist veto powers), Lichtenstein (hybrid monarchy with monarchist veto powers), Singapore (single party state).
I'm not sure what the conclusion is from this other than that the wealthy love having an autocratic tax haven microstate to park the money they earned from liberal democracies in.
The UAE is not theocratic. Yes, Islam is the official religion but there is freedom of religion.