(Part of key ideas 5.a-5.b on the specification)
- Case study notes on economic change in Duabi through the 20th and 21st centuries, and the key stakeholders/players that caused it
MAJOR STAKEHOLDERS
A BRIEF HISTORY OF DUBAI
- Sheikh Saeed bin Maktoum Bin
For most of history, Dubai was a walled town with a largely fishing based
economy, holding international trading links with India and Pakistan along Hasher Al Maktoum (1912-1958)
with other countries within Asia and Africa. Pearl diving was extremely - Sheikh Rashid Bin Saeed Al
important for the economy historically and helped the economy continue Maktoum (1958-1984)
to thrive during the great depression but became obsolete after - Sheikh Mohammed Bin Rashid Al
artificially grown pearls were invented in 1930s Japan. For a few decades Maktoum (1984-present day)
the economy dipped but still maintained international trading links
through its geographical position.
Oil was discovered in 1966, only in small quantities but enough to
catalyse change for the economy. For this reason, Dubai’s population
grew over this period from 20,000 in 1950 to 250,000 in 1980. However,
further rapid change was yet to come. MONEY AND OIL (MONEY)
Dubai’s oil reserves were discovered in 1966, though exports truly
began in 1969 which catalysed all aspects of Dubai’s economy as it
started to see the monetary benefits of this industry. This was
furthered in 1971 when the emirate states gained independence,
some of which formed the UAE: opening doors to international oil
trade without the limits or taxation enforced by the British.
Sheikh Saeed al Maktoum invested oil revenue into other industries
to Dubai could outlive its oil riches. (for reference, Dubai had at the
start of its oil exportation 4 billion barrels of oil, Abu Dhabi has 92)
Despite the money it brought however, Maktoum knew that Dubai’s
oil was not only a finite resource, but that neighbouring emirate Abu
Dhabi had much more to sell. For this reason, using oil revenue, he
invested in bringing more workers to Dubai and encouraging TNCs to
invest equally.
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