Discovery of Oil 1970

1960-

The major turning point in the history and fortunes of Dubai was the discovery of oil in 1966.Coupled with the joining of the newly independent country of Qatar and Dubai to create a new currency, the Rial, after the devaluation of the Persian Gulf Rupee which had been issued by the Government of India, it enabled Dubai to rapidly expand and grow. Once the first shipment of oil was made in 1969, the future of Dubai as an autonomous state was secured, and its ability to dictate policy in later years to the UAE was cemented.

Formation of the UAE

Britain left the Persian Gulf in the early part of 1971, having announced their intentions in 1968, causing Dubai and Abu-Dhabi, in conjunction with five other emirates to form the United Arab Emirates.] Dubai and Abu-Dhabi ensured in the negotiations that between them they could control the country

effectively, enabling even greater expansion as seen today. In 1973, Dubai joined the other emirates, in introducing the UAE dirham, the uniform currency of the UAE. Dubai & Abu Dhabi between them now hold the majority of control in the UAE, which was part of their conditions for joining. To enable this, Abu Dhabi and Dubai are the only emirate's who have veto power over matters of national importance, whereas the other emirate's have a vote on the matter. In addition to this Dubai sends eight members to join the Federal National Council, of whom there are forty in total. Dubai and Ras al Khaimah are the only two states who retain their own judicial courts, whilst the others are part of the federal justice system of the UAE. The Jebel Ali Free Zone was introduced in 1979, providing companies with unrestricted import of labour and export of capital, which helped to jumpstart the influx of global companies seen today.

Year 1822 1900 1930 1940 1954 1960 1968 1975 1985 1995 2005 BY KYARASH

Population 1,200 10,000 20,000 38,000 20,000 40,000 58,971 183,000 370,800 674,000 1,204,000