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Why is the city of Dubai so rich?

Dubai
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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