How Dubai became so rich!

Today we are gonna tell you how Dubai,now a dream city, how became so rich. Be with us, let's begin...

In 1966, Dubai founded "Fateh oil field" and after three years, in 1969 they started exporting oil.
In 1971, Dubai became part of United Arab Emirates also called UAE.

In 1972, 1973 and 1982, Dubai founded other oil territories. It's truly wrong that Dubai depends on it's oil wells, because Dubai makes only 4% of it's total revenue. Firsly, they used their oil income in growing economy and management then after they started generating income through infrastructure, financial, trade and tourism.

In the early 1990’s there were only a handful of hotels available for tourists and Dubai never had high oil revenues like Abu Dhabi so something had to change. The Burj Al Project in 1994 (Burj Al Arab Hotel) gave hope to the economy, as a long term strategy, an ambition to become the world’s top tourist destination. Being one of the favorite tourist destinations in UAE, Dubai has seen a tremendous change in its economy in the past 50 years.

Some of the major investments in Dubai have been largely affected due to the recession that hit the global market in the recent past. Even though Dubai's economy was built on the back of the oil industry, most of the city's banking and financial centers headquartered in the port area and service industries got largely affected as Dubai's property market faced a major downturn during 2008-2009 as a result of the global economic slowdown. Most of its ongoing projects along with the jobs of the expatriates got hit as a result. Also, it was made public that Emaar had approximately $70 billion credits and the state of Dubai additional $10 billion while holding estimated $350 billion in real estate assets.

Dubai has also established itself as an international tech hub that services industries such as Finance and IT. Dubai Internet City, along with Dubai Media City forms the TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority), which is an enclave who houses well-known IT firms such as EMC Corporation, Microsoft, Hewlett-Packard, Dell, Oracle Corporation and IBM, and media organisations such as BBC, MBC, CNN, Reuters and Sky News.

With a promising growth rate of 6.1% in 2014, Dubai is on its way to becoming one of the fastest growing economies in the Middle East. Dubai has excellent trade relations with multiple countries which aids its economy. By 2014, Dubai’s largest trading partner was identified to be China followed by India and the United States.

Some of Dubai's famous skyscrapers are_

>Burj Khalifa

>Burj al Arab

>Princess Tower

>Cayan group

>Jumeirah Emirates Tower

>23 Marina Tower

>Jumeirah Beach hotel

>Ocean Heights

15.93 visitors recorded in 2018, retaining it's global ranking as the fourth most popular destination. Dubai is also referred to as the "city of gold" as the city attempts nearly 250 gold stores.
The next auto Expo 2020 is to be held in Dubai which was posponed because of COVID 19 pandemic and now it's new dates scheduled are October 1,2021 to March 31,2022.

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