We all know Dubai for its rich and quality lifestyle. This question is a wonder for many. How did Dubai get rich and spread its fame all around the globe? In the last three decades, Dubai has transformed from a deserted land to a world wonder, creating many global icons. Most of us think that it became rich with its oil resources which the gulf countries are famous for. But the fact is that oil provides only a tiny percentage of its income. Read further down the article to know more about this exciting story.

Contents

How did it start?

richUntil the late 1930s, the primary source of income for the UAE was the pearl industry. Pearl diving was very famous in the Persian Gulf. Around the 1950s, Dubai and Abu Dhabi of UAE clashed over the oil industry. Dubai didn’t have high revenues from that, whereas Abu Dhabi succeeded. Therefore, the ruler of Dubai had to put forward more ideas to build the city’s economy. It was when he brought the change and started investing in infrastructure. In 1960, he was able to build Dubai’s first international airport.

Moving forward…

With the airport’s opening in 1960 and entering into an independent economy, Dubai paved the route for other infrastructure and tourist attractions. In 1963 it started working on Dubai’s creek. Though the ruler had to borrow billions of dollars to complete this project, in the end, it was a success. It opened up the port and led the way to the gold re-export market.

Around 1966, Dubai found its oil reserve and held a place in the global market. A few years later, it started oil shipment and the profit it earned via that helped them build the fascinating infrastructure, which is the leading cause of its becoming rich.

rich

To compete with Abu Dhabi’s rising oil profits, Dubai had to look forward to many other sources to uplift its economy.in 1985, Dubai built its first free zone in Jafaza, the most extensive free zone globally. Later a cluster of 30 different zones was created, enabling foreigners to enjoy tax discounts, duty exemptions, and other massive benefits.

When these zones showed up, as a result, many international companies started investing and taking hold of their businesses in Dubai.

Dubai today

Dubai has come a long way from where it is today. This city is on travelers’ bucket lists with excellent infrastructure and other wonders. This city is a must-visit place to witness the skyscrapers and the other marvels. Today proudly, it is home to many things, as listed below.

how did dubai get rich

  • World’s tallest buildings
  • World’s biggest malls
  • Hub for tourism and business
  • World’s top banks operate in Dubai
  • One of the top cities globally
  • Leading global tourist destination
  • Known as the city of gold
  • Dubai is known as the business, commercial, shopping, and investment capital of Africa and the middle east.

 

To conclude,

Though the wealthiest city in UAE is known as Abu Dhabi, more than 50% of its economic contribution is from oil. But now, as more economies are moving towards renewable energy systems, the cities highly dependent on oil are looking forward to following Dubai as a role model. That is to build an economy based on tourism and other services.

This city holds a place as a prosperous city. Yet it is facing a turbulent time. But within a short period, it has a remarkable history. It has seen enough success and failures and will face and fight other issues bravely.

 

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