The United Arab Emirates is the union of seven independent Emirates. These are following: Abu Dhabi, Sharjah, Dubai, Ajman, Umm Al-Quwain, Fujairah and Ras Al Khaimah. Dubai is the largest and the popular city of the United Arab Emirates. And, Abu Dhabi is the capital and the largest Emirate of the United Arab Emirates.
The Dubai Emirate is in the south of the Persian Gulf and it has the largest population in the United Arab Emirates. The Dubai Emirate is the second largest Emirate by area of all Emirates in the Union, after Abu Dhabi.
The Dubai Emirate’s earliest settlement by knowing it Dubai is date back from 1799. The first human settlement in Dubai is from 3000 BCE approximately.
The foundation of the Emirate of Dubai is date back to 1833 by Sheikh Maktoum bin Buti when they prevailed with 800 members of Baniyas tribe. They were living in today’s Saudi Arabia. The Emirate of Dubai remained under clan control even when Britain assumed to protect Dubai in 1892.
In Dubai history, the city becomes an important trading hub in the beginning of 20th century, due to its geographic location. Dubai had an important port in the 20th century.
Oil Discovery in Dubai History
The discovery of oil is in 1966. Then, Dubai Emirate and the Emirate of Qatar established a new unit of its currency to replace the Gulf rupee which had been issued by the Government of India. Gulf rupee replaced the Indian rupee in 1959 in the Emirates and the Gulf countries. The oil discovery was a major turning point for fortunes of Dubai, it enabled Dubai to grow rapidly.
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The rentier economy led the Emirate of Dubai to an influx of foreign workers. The city was dramatically expanded rapidly by 300% then and the city becomes a part of international oil interests. Today’s modern infrastructure of Dubai Emirate is introduced after Britain left the area and Dubai joined the Union of seven Emirates includes Abu Dhabi. Then, a new country was formed with the name, the United Arab Emirates. At that time, Qatar and Bahrain abstained from joining the Union of the United Arab Emirates. Instead, they prefer to remain independent nations.
Later in 1973, the currency union with the state of Qatar was dissolved and a new UAE Dirham came into the introduction for the Union of the Seven Emirates.
The modern Dubai history
In 1979, Dubai built the free trade zone in the Jebel Ali. It enabled foreign companies to import labours unrestrictedly and export capital. The War with Iraq in 1990 had a negative impact on the city financially because many depositors withdrew their money and also traders stopped doing trade by withdrawing their trade. But later, the city had been recovered from warlike climate and once again rise economically.
After 9/11 at WTC, it had a negative impact on city’s tourism, but the impact had a short lifespan. The Emirate of Dubai recovered and now it is one of top tourists’ hotspots.
In 2009, there was a major earthquake for the economy of Dubai, which is called Dubai Debt crisis 2009. Dubai’s real estate market declined after a six-year boom. But now, it has been recovered and booming once again.
Today, the Emirate of Dubai is a global city and an important business hub. In spite of the fact that the economy of Dubai is built on the natural resources, Dubai’s business model drives its economy. As now, Dubai’s main revenues are from tourism, financial services, and real estate. Today, Dubai’s economy and its modern infrastructure are similar to the Western countries.
Dubai is now a city that is known for luxurious shopping, ultra modern infrastructure and architecture, nightlife scene, the skyscraper-filled skyline. The city is now same that of any other Western city.
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