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Dubai (Arabic: دبيّ‎; English pronunciation: /duːˈbaɪ/ doo-by) is one of the seven emirates of the United Arab Emirates (UAE). It is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi.[4] Dubai and Abu Dhabi are the only two emirates to have veto power over critical mattersof national importance in the country's legislature.[5]
The earliest recorded mention of Dubai is in 1095, and the earliest settlement known as Dubai town dates from 1799. Dubai was formally established in the early 19th century by the Al Abu Falasa clan of Bani Yas, and it remained under clan control when the United Kingdom assumed the protection of Dubai in 1892. Its geographical location madeit an important trading hub and by the beginning of the 20th century, it was an important port. In 1966, the year oil was discovered, Dubai and the emirate of Qatar set up a new monetary unit to replace the Gulf Rupee. The oil economy led to a massive influx of foreign workers, quickly expanding the city by 300% and bringing in international oil interests. The modern emirate of Dubai was createdafter the UK left the area in 1971. At this time Dubai, together with Abu Dhabi and four other emirates, formed the United Arab Emirates. The following year Ras al Khaimah joined the federation while Qatar and Bahrain chose to remain independent nations. In 1973, the monetary union with Qatar was dissolved and the UAE Dirham introduced throughout the UAE. A free trade zone was built around the JebelAli port in 1979, allowing foreign companies unrestricted import of labour and export capital. The Gulf War of 1990 had a negative financial effect on the city, as depositors withdrew their money and traders withdrew their trade, but subsequently the city recovered in a changing political climate and thrived.
Today, Dubai has emerged as a global city and a business hub.[6] Although Dubai'seconomy was built on the oil industry, currently the emirate's model of business, similar to that of Western countries, drives its economy, with the effect that its main revenues are now from tourism, real estate, and financial services.[7][8][9] Dubai has recently attracted world attention through many innovative large construction projects and sports events. This increased attention has highlightedlabour rights and human rights issues concerning its largely South Asian workforce.[10] Dubai's property market experienced a major deterioration in 2008 and 2009 as a result of the worldwide economic downturn following the Financial crisis of 2007–2010.[11]
Economy
Dubai's gross domestic product as of 2008 was US$ 82.11 billion.[72] Although Dubai's economy was built on the back of the oilindustry,[73] revenues from oil and natural gas currently account for less than 6% of the emirate's revenues.[7] It is estimated that Dubai produces 50,000 to 70,000 barrels (11,000 m3) of oil a day[74] and substantial quantities of gas from offshore fields. The emirate's share in UAE's gas revenues is about 2%. Dubai's oil reserves have diminished significantly and are expected to be exhausted in 20years.[75] Real estate and construction (22.6%),[9] trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors to Dubai's economy.[76] Dubai's top exporting destinations include India (US$ 5.8 billion), Switzerland (US$ 2.37 billion) and Saudi Arabia (US$ 0.57 billion). Dubai's top re-exporting destinations include India (US$ 6.53 billion), Iran (US$ 5.8 billion) and Iraq(US$ 2.8 billion). The emirate's top import sources are India (US$ 12.55 billion), China (US$ 11.52 billion) and the United States (US$ 7.57 billion). As of 2009 India was Dubai's largest trade partner.[77]
Historically, Dubai and its twin across the Dubai creek, Deira (independent of Dubai City at that time), were important ports of call for Western manufacturers. Most of the new city's...