GDP, import, export and oil bullets
Here are seven statistical factoids relating to import, export, oil and GDP :
Dubai’s gross domestic product as of 2005 was 37 billion US dollars.
Although Dubai’s economy was built on oil revenues, oil and natural gas now account for less than six percent of this figure.
It is predicted that Dubai’s oil reserves will be exhausted in [...]
A brief history of Dubai’s economy up to 1979
Dubai’s close proximity to India made it an important trading location and it was already known in Europe from the sixteenth century for its pearling industry, but it was in the nineteenth century when the emir lowered trade taxes to lure foreign traders from neighbouring states that Dubai really began to grow in prominence.
The early [...]
Dubai and the UAE
On 2 December 1971 Dubai, Abu Dhabi and five other emirates formed the United Arab Emirates following Britain’s withdrawal from the Persian Gulf.
In 1973, Dubai and the other emirates adopted a common currency, the UAE dirham.
Dubai continued to grow from revenues generated by oil and trade, and the city saw an influx of [...]
Dubai in the twentieth century
Dubai’s proximity to India made it an important port of call for foreign tradesmen, mainly Indian, many of whom eventually settled in the town.
Until the 1930s Dubai was known for its pearl exports, but the First World War and then the Great Depression damaged the industry irreparably resulting in a mass exodus to other parts [...]
Dubai scales down growth and records its first budget deficit
As you are no doubt aware, the global recession is hitting Dubai hard. Even the relentlessly optimistic and upbeat Dubai Government is being forced to acknowledge this as it revises it growth forecasts till 2015 downwards from 11 percent per year to 4-6 percent per year in view of the global economic crisis.
When the targets [...]