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Al Fahidi Fort in Dubai in the late 1950s, built in 1787 Al Fahidi Fort today. Al Fahidi Fort is the oldest existing building in Dubai.. The Umayyads introduced Islam to the area in the 7th century [13] and sparked the vitalization of the area, opening up trade routes supported by fishing and pearl diving to eastern regions such as modern-day Pakistan and India, with reports of ships ...
Oil reserves in the United Arab Emirates, according to its government, are about 107 billion barrels, almost as big as Kuwait's claimed reserves. [1] Of the emirates, the Emirate of Abu Dhabi has most of the oil with 92 billion barrels (14.6 × 10 ^ 9 m 3) while the Emirate of Dubai has 4 billion barrels (640 × 10 ^ 6 m 3) and the Emirate of Sharjah has 1.5 billion barrels (240 × 10 ^ 6 m 3 ...
In June 2010 UAE had 6th top global proved oil reserves, about 100 billion barrels, behind Saudi Arabia, Venezuela, Iran, Iraq and Kuwait. The crude oil production of UAE was more than 4 and less than 5 million barrels daily. [1] UAE was 4th top crude oil net exporter (108 Mt in 2008) and 10th top crude oil producers (120 Mt in 2009). [4]
As oil revenues increased, the ruler of Abu Dhabi, Sheikh Zayed bin Sultan Al Nahyan, undertook a massive construction program, building schools, housing, hospitals and roads. When Dubai's oil exports commenced in 1969, Sheikh Rashid bin Saeed Al Maktoum, the ruler of Dubai, was also able to use oil revenues to improve his people's quality of life.
By the end of the 1970's, the stage was set for the diversification of Dubai's economy away from oil and into other areas such as tourism. [7] In 1989 the Dubai Commerce and Tourism Promotion Board was established, to promote Dubai as a luxury destination for the up-tier market and influential business sectors.
Despite a general slump in the global gold market, Dubai's share of value of trade in gold and diamonds to its total non-oil direct trade increased from 18% in 2003, to 24% in 2004. In 2003, the value of trade in gold in Dubai was approximately Dh. 21 billion ( US$ 5.8 billion), while trade in diamonds was approximately Dh. 25 billion ( US$ 7 ...
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1966 – Fateh Oil Field discovered offshore in vicinity of Dubai. [1] 1967 ... Dubai's real estate market is opened to non-GCC nationals for the first time. [37]