Dubai has become the very epitome of luxury and money over the years.
Dubai is a city that has attracted worldwide attention. With the growth of oil economy and industrial transformation, Dubai has succeeded in becoming one of the richest cities in the world. Dubai is one of the most interesting places on Earth. A city that has experienced a complete shift in the last few decades. It is one of the richest cities in the world and has grown rapidly. This blog will look at How Dubai 2022 became one of the richest cities in the world.
A Brief History of Dubai.
In 1833, 800 members of the Bani Yas family, attracted by the natural harbor provided by Dubai Creek, established a village in what is now Dubai. They turned the region into a fishing village and a pearl market. The Bedouins, an Arab neighbors from the Middle East, later joined the group. They lived near a stream in Barastis, a modest village.
In the 1960’s, Dubai’s economy relied solely on trade and oil production. Dubai’s development history shows that in 1969, when a large portion of oil revenues began to flow, Dubai began to grow rapidly. Huge investments were made, and important infrastructure such as schools and hospitals began to emerge rapidly. Over the years, it has transformed Dubai into the stylish and shiny center we know today.
From the Desert Desert to a Prosperous City.
It was not until the discovery of overseas oil in 1966 that Dubai’s wealth began to change. Prior to that, some regions of the United Arab Emirates flourished as a result of revenues from large oil fields discovered underground. From 1968 to 1975, the population of Dubai increased by 300%.
Under Al Maktoum, Dubai began to prosper in an unusual way. In 1894, new laws liberated outsiders from taxation, giving greater impetus to regional trade. This resulted in an increase in the number of foreign workers in the city. Indian and Pakistani retailers flock to Dubai to enjoy the benefits of a successful business climate.
Although this was a very exciting time in the history of Dubai, the city still relied heavily on fishing, trade, and pearls. And with the advent of counterfeit pearls in Japan in the 1950’s, the economic downturn was evident. However, the economic downturn was short-lived. The fortunes of Dubai changed dramatically in 1966 when oil was discovered there.
The Road to Glory and Riches.
In the oil sector, the late Sheikh Rashid bin Saeed Al Maktoum presented the development of Dubai. He began to transform the city from a small area near the River Bank to a modern port, a city, and a thriving economic center. Rashid Port, Jebel Ali Port, Dubai Drydocks, Dubai Creek expansion, and Dubai World Trade Center were several important projects completed at that time.
The United Arab Emirates has been able to move forward with major building and social programs because of its leadership and vision. In less than half a century, Dubai’s growth grew, leading to the creation of modern wonders including the Burj Al Arab and the Burj Khalifa, which are now closely connected with the metropolitan area. As part of the city’s ongoing efforts to expand, innovate, and create opportunities, Dubai strives to host tourist- and historic businesses that attract businesses.
Great Growth in the City.
Over the past three decades, Dubai’s population has grown to 2,785,000. Although oil represents less than 1% of Gross Domestic Product (GDP) in the country, this is a dramatic increase of 569%. Dubai’s maritime activities are one of its main sources of revenue and perhaps the UAE’s most important commodity. It is the busiest port in the Middle East due to its port / exit position in the Persian Gulf, making it a major trading port, says Chitty.
Due to tax exemptions, tax evasion, and lack of restrictions on foreign ownership, Dubai has become a global economic hub where many businesses have established operations. Dubai is a popular year-round tourist destination due to the hot climate and easy travel from Europe.