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Dubai- Image Source: Julius Baer
- The Pearl industry was the principal source of revenue in the Trucial Coast of what is now the UAE from the 1770s until the late 1930s.
- The modest start in trade for Persian Gulf people was Pearl diving, but it laid the groundwork for something far bigger later on.
- During the late 1950s, just after the oil war between Dubai and Abu Dhabi, Dubai struggled and had low oil earnings, whilst Abu Dhabi thrived.
- That’s when Sheikh Rashid bin Saeed Al Maktoum, the ruler of Dubai, determined something had to change.
- As a result, he began investing in infrastructure and, in 1960, opened Dubai’s first airport.
- Thanks to its innovative infrastructure, Dubai has risen to become one of the world’s most popular tourist attractions.
- Dubai’s tourism business accounts for up to 20% of the country’s GDP.
- During 1985, it built Jafza, the world’s largest free zone for attracting foreign direct investment.
- Most of its income comes from manufacturing and providing services and tourism.
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