Here on our blog, we like to bring you the most varied subjects so that you can not only learn more about our services and our companions, but also discover curiosities about our city: Dubai.
For this reason, in today’s post, we will tell you a little more about the history of this Emirate, one of the seven that composes the United Arab Emirates. Located on the southern coast of the Persian Gulf, Dubai is the most populous emirate among the seven, with almost 2,300,000 inhabitants.
At the beginning of the 20th century, Dubai began to grow. The majority of population was concentrated in Bur Dubai and Deira during the first few years, but later they began to expand across the country.
Dubai has been closely linked to trade since its creation. In 1908 there were already more than 350 specialized stores in Deira and 50 in Bur Dubai. The concentration of these stores and their evolution gave rise to its current markets, extremely traditional until today .
The emirate’s revenue comes from tourism, commerce, the real estate sector and financial services, being a major world business center with workers from all over the world. The 1960s marked Dubai’s awakening. The hard work of the past decades begins to pay off with the discovery of oil.
Since the end of the 1960s, the city has all infrastructures necessary to grow freely because they already had roads, bridges, electricity and water supply networks, a good telecommunications system and an airport, which were built in 1959.
In 1969, Dubai started exporting oil and that year it already had almost 60,000 inhabitants. However, Dubai’s economy currently depends on just 20% of oil thanks to government efforts. Trade and services, including tourism, dominate its current economy.
The government’s decision to move from a trade-based but oil-dependent economy to a service-based and tourism-oriented economy has made the real estate sector more valuable, resulting in the appreciation of property in the period 2004-2006. The long-term valuation of the Dubai property market, however, has depreciated; some properties lost 64% of their value from 2001 to November 2008.
The large scale of real estate development projects has led to the construction of some of the highest skyscrapers and innovative projects in the world, such as Burj Khalifa, Emirates Towers, Palm Islands and the most expensive and second-highest hotel, Burj Al Arab, mentioned in our post about sights in Dubai, which you can read by clicking here.
The tax exemption made many companies start to think of Dubai as the headquarters of their operations and this made the city develop further.
We hope to have brought more information about our city and its history over the years so that you can take advantage of the content here on the blog to learn more about Dubai. As it is a city with many immigrants, we love to receive tourists from the most varied places in the world, so when you are planning your next trip, consider visiting Dubai and all its historical wealth! Click here to return to the home page.