Vinita Tiwari, Middle East Correspondent
Last Modified: 05:09 p.m. DST, 29 May 2014
A recent survey done by one of the globally recognized auditors, Price Waterhouse Coopers (PwC) revealed that Dubai has been honorably named as the ‘City of Opportunity’. The emirate has left behind a lot of economically strong countries in the race; emerging as one of the flourishing employment producing cities.
Sweeping off the accolades and awards on a global platform was never easy for an Arab federation that was strangling in the ropes of tradition and orthodox perspectives; a couple of years ago. Let us explore and know the history and what led to the huge success of Dubai from different aspects.
History of Dubai: A Time-Line Reflecting the Rise & Fall of the City
Dubai dons the image of an economically powerful Arab federation and an employment powerhouse that encapsulates opportunities not only for nationals but for millions of expats as well. But the situation was never this favorable and Dubai has risen from the ashes, in a true sense. Let us analyze the Dubai’s history, year-wise:
- 1930-1940 (The ‘Dark’ Decade):
Long before, when the wealth-generating oil & gas fields were not explored; it was the Pearling industry that flourished in the corners of the UAE, especially Dubai. During this tenure itself, recession destroyed everything and the booming Pearl industry dipped in no time. The sudden fall created a lot of social pressures and there were scenarios of disputes amongst the royals.
- 1958-1968 (The ‘Bounce-Back’ Decade)
It was in the year 1958 that Sheikh Rashid officially became the ruler of Dubai and started building relations and directing initiatives towards revamping the economy of Dubai. The initiatives were for re-branding the image of the city and making it a major trading hub. After a couple of years, the city discovered its own oil field. This attracted a lot of traders and thereby after a long time, Dubai saw economic growth. As the decade ended, Dubai was already exporting crude oil and generating revenues.
- 1990-2006 (The ‘Fortunate’ Decade)
Dubai was now fast emerging as a wealth and job generating machine sort of country. By the end of 1990, there were political upturns as Sheik Maktoum, the new ruler of Dubai paved way for organizing Dubai shopping festival and the Dubai World Cup. Moreover, in this time period only, Burj Al Arab came into existence. By 2003, Dubai got recognition from the International Monetary Fund and the World Bank, as a financial hub. All these major political happenings led to the economic success of Dubai.
- 2006-Till Date (The Never-Ending Success)
Dubai has now become one of the top tourist destinations and placed itself ahead of all the powerful job markets and economies.
Other than economy and revenues, Dubai has come a long way in shedding its conservative image and rolling out as a country that welcomes people from different cultures and backgrounds. This is no less than a sign of a powerful country. Let us explore this aspect as well.