Though oil was discovered in City of Dubai a little over a half-century ago, it now only represents one percent of its income. So, why is Dubai a wealthy city?
If you’re doing some reading in prep for your trip to the UAE, make your trip even better with one of these tours and experiences in Dubai.
From the 1770s to the 1930s, the pearl industry was the primary source of income for the Trucial States, which now constitute the United Arab Emirates. Pearl diving was the simple beginning of trade for the families of the sleepy fishing villages throughout the Persian Gulf but created a fitting backdrop for something much larger to unfold later on.
Dubai and Abu Dhabi tussled over their territory when they began looking for oil in the late 1950s. It led to many expats leaving Dubai for other places in the Gulf, as Dubai faltered and Abu Dhabi prospered.
In 1958, Sheikh Rashid bin Saeed Al Maktoum, the ruler of Dubai, began investing in infrastructure agriculture and completed the city’s first airport in 1960 using tens of billions of dollars in loans.
With the transition away from oil came an increase in tourism, and the small amount of oil that Dubai discovered in 1966 went toward developing the city that you see today.
Dubai shipped oil for the first time in 1969 and would secure independence from Great Britain in 1971 becoming one of the seven emirates that comprise the UAE.
There are thousands of companies in Jafza which account for 20% of foreign direct investment in Dubai, employing an estimated 144,000 workers and generating $80 billion in non-oil revenue. That equates to 21% of the city’s GDP.
The UAE is now counted among the wealthiest nations in the world, with a GDP per capita of $49,040. Its wealth is mainly based on the production of goods and services related to petroleum, petrochemicals, aluminium and cement.
5 Must-Do Experiences to Book In Dubai
Get your fix of glitz and glam in this mega-rich country by booking one of these quintessentially-Dubai tours, tickets and experiences.
Jet-Ski Down the Burj Al Arab
Get ready for a thrilling 30-minute jet-ski ride along the famous Burj Al Arab, one of Dubai’s recognizable landmarks. Speed across the sparkling Arabian Gulf, experiencing the thrills of jet skiing while enjoying the spectacular views of the coastline. This action-packed adventure is both fun and relaxing as you enjoy the luxurious experience of Dubai through a new and exciting medium on a jet ski. A perfect excursion for adventure seekers.
