Vaccine demand and overall uptake in a health or economic system has the potential to drive herd immunity, a required condition for controlling the societal impact of vaccine preventable diseases. With significant financial commitments to find a safe and effective COVID-19 vaccine still ongoing, this study introduces a random utility theoretic behavioral health model to analyze individuals' prospective demand for the vaccine in the United Arab Emirates (UAE). To this end, we use a cross-sectional sample of stated vaccine preferences data collected online using the snowball method, between July 4th and August 4th 2020, gathering 1109 responses across all seven Emirates of the UAE. We found that in addition to socio-economic and demographic influences, the factors affecting individuals' preferences for the prospective COVID-19 vaccine in the UAE include those put forth by the WHO's SAGE group on immunization. Though the estimated indirect cost, in the form of expected marginal utility of time spent to get the vaccine is not statistically significant, the expected marginal utility for every dirham spent to get the vaccine is -1.76 AED, and significant. Our study thus contributes methodologically to the literature on vaccine demand in general, and vaccine hesitancy in particular. It also contributes to the nascent empirical evidence on the novel coronavirus disease; by providing significant insights for evidence, based policy making that should increase the effectiveness of any prospective COVID-19 vaccination program in the UAE.