The Dubai Creek was a natural harbor; this has helped Dubai become a center for fishing, pearls, and the sea trade. By the early 20th century, Dubai had grown into a thriving port city.
The discovery of oil in 1966 changed the state of the state and its way of life. The first oil shipment to Dubai in 1969 was followed by a period of rapid development that laid the foundations of modern society.
Dubai was the first to establish Islamic banks around the world with the opening of the Dubai Islamic Bank (DIB) back in the 1970s, in addition to the launch of the Dubai Financial Market (DFM), which is Shari’a’s first parallel exchange.
In the 1980s and early 1990s, Dubai decided to emerge as a major international tourist destination.
Dubai’s economy no longer relies on oil. Now we are very different; greater reliance on trade, services, and finance, and a thriving business community. Dubai’s GDP has reached about AED338 billion since 2014.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Governor of Dubai, unveiled Dubai Plan 2021 in 2014. The program aims to strengthen Dubai’s position as a leading player in the global economy and one of the top five commercial, commodity, financial, and tourism institutions.