The Billionaires' Delight: How Dubai Became One Of The Richest Cities In The World
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Dubai is a city that has attracted attention from all over the world. With the rise of the oil economy and the industrial revolution, Dubai has succeeded in becoming one of the richest cities in the world. Dubai is one of the most fascinating places on Earth. It's a city that has undergone a complete metamorphosis in the last couple of decades. It's one of the richest cities in the world and it has undergone rapid growth. This blog will look at how Dubai became one of the richest cities in the world.
A Brief History Of Dubai
In 1833, 800 individuals of the Bani Yas clan, attracted by the natural port offered by Dubai Creek, established a tiny village in what is now Dubai. They transformed the region into a modest fishing and pearling hub. Bedouins, who are Arabian nomads from the Middle East, later joined this group. They also lived near the creek in barastis, which are modest homes.
In the 1960s, Dubai's economy relied solely on trade and oil extraction concession revenues. The history of Dubai's development reveals that in 1969, when a significant portion of oil revenues began to flow, Dubai began to develop swiftly. Large sums of money were invested, and significant infrastructure such as schools and hospitals began to emerge rapidly. Over the years, it turned Dubai into the stylish and flashy centre we know today.
From A Remote Desert To A Thriving City
Dubai was initially a fishing community that expanded due to its location near Iran, eventually becoming a major commercial route to the Persian Gulf. This early economic boom was abruptly halted in 1929 during the pearl export sector collapsed as a result of the Great Depression. Residents fled Dubai in great numbers for other regions of the UAE, and infrastructure investment slowed to a crawl.
It wasn't until the fortuitous finding of offshore oil in 1966 that Dubai's fortunes began to alter. Prior to that, other regions of the United Arab Emirates were flourishing due to the income from large oil field reserves discovered underground. From 1968 to 1975, Dubai's population increased by 300%.
Welcoming Expatriates
Under the Al Maktoum administration, Dubai began to flourish extraordinarily. In 1894, new rules exempted expatriates from taxation, which provided a further boost to trade in the region. This resulted in a massive surge of foreign laborers into the city. Indian and Pakistani merchants flocked to Dubai to enjoy the benefits of the prosperous business climate.
Even though this was a relatively prosperous time in Dubai's history, the city was still entirely dependent on fishing, trading, and pearl diving. And when fake pearls were developed in Japan in the 1950s, the region's economic fragility became evident. However, the economic collapse was short-lived. Dubai's fortunes altered drastically in 1966 when oil was discovered there.
The Road To Glory And Riches
With the oil industry, the late Sheikh Rashid bin Saeed Al Maktoum launched the development of Dubai. He began converting the town from a small cluster of areas near River Bank to a modern port, city, and economic powerhouse. Rashid Port, Jebel Ali Port, Dubai Drydocks, the enlargement of the Dubai Creek, and the Dubai World Trade Centre were several of the important projects accomplished during the time.
The United Arab Emirates was able to move on with large building and social initiatives due to its leadership and vision. In less than half a century, Dubai's growth surged, resulting in the construction of modern marvels including the Burj Al Arab and Burj Khalifa, that are now intimately linked with the metropolis. As part of the city's ongoing efforts to expand, explore innovation, and generate possibilities, Dubai strives to plan tourist- and business-attracting landmark projects.
Substantial Growth In The City
In the past thirty years, Dubai's population has increased to 2,785,000. Although oil barely represents 1% of the Gross Domestic Product (GDP) in this country, this is a phenomenal increase of 569%. Dubai's maritime activities are one of its primary sources of income and perhaps the UAE's most valuable commercial assets. It is the busiest port in the Middle East due to its location at the entrance/exit of the Persian Gulf, which makes it a major trading port Chitty says.
Due to tax incentives, customs duty exemptions, and the lack of limits on foreign ownership, Dubai is becoming a worldwide economic hub where numerous businesses have established operations. Dubai is a year-round popular luxury tourist destination due to its hot climate and ease of transit from Europe.
Source: Culture Trip, Visit Dubai, Next City
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