The 1990s to today
The Persian Gulf War of 1990 had a huge impact on the city.
First Dubai’s banks suffered a massive withdrawal of funds due to the uncertain political conditions, but later many foreign trading communities from the region relocated their businesses to Dubai. Dubai provided refuelling bases to allied forces at the Jebel Ali Free Zone during the war, and again during the 2003 Invasion of Iraq.
Large oil price rises after the Persian Gulf War gave Dubai the resources to continue developing free trade and tourism. The city built more free zones and started many ambitious building projects such as The Palm Islands, The World Islands and Burj Dubai.
Dubai expanded at a phenomenal rate in the 2000′s with the influx of foreign money, businesses and workers seemingly showing no signs of abating.
The global credit crisis somewhat derailed progress, but Dubai is clearly now back on track once more.
Related posts:
- A brief history of Dubai’s economy from the Gulf War to The Islands
- A brief history of Dubai’s economy up to 1979
- Dubai and the UAE
- Buying property in Dubai
- Free zones and trade
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