A brief history of Dubai’s economy from the Gulf War to The Islands
The 1990 Gulf War had a huge impact on the city.
Initially, the banks of Dubai suffered a massive withdrawal of funds due to political uncertainty in the region, but as the 90s progressed many businesses, first from Kuwait, during the Gulf War, and later from Bahrain, during the Shia unrest, relocated to Dubai.
Dubai also provided refuelling bases to allied forces at the Jebel Ali free zone, and did the same during the 2003 Invasion of Iraq.
The huge increases in the price of oil following the Gulf war allowed Dubai to continue to develop free trade and tourism.
The success of the Jebel Ali free zone prompted the city to develop more free zones, such as Dubai Internet City, Dubai Media City and Dubai Maritime City.
The construction of bold projects such as the showpiece Burj Al Arab hotel, and many striking new residential developments were used to market Dubai for purposes of tourism. As a consequence of this, the city has seen an increase in private real estate investment with such projects as The Palm Islands and The World Islands attracting international interest.
Related posts:
- A brief history of Dubai’s economy up to 1979
- The 1990s to today
- Free zones and trade
- The history of Dubai
- The changing economy of Dubai
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