Dubai Permanent Virtual Exhibition and Business Directory

World's history first reference to Dubai reflect the year 1095. The earliest Dubai town settlement indicates points to the year 1799. Dubai was formally established in the early 19th century.

Its geographical location made it an important trading hub and by the beginning of the 20th century, it becomes an important port. Dubai and the emirate of Qatar set up a new monetary unit to replace the Gulf Rupee. 1966 the most important year for the Emirate’s modern economy. The year Dubai oil was discovered. The oil economy led to a massive influx of foreign workers, quickly expanding the city by 300% and bringing in international oil interests.

The Emirate of Dubai  enjoys an open economy and a large per annum trade surplus. Since the 1970s, the emirate’s economy has been driven by oil and financial services, although successful diversification efforts have reduced petroleum-driven GDP. Key industries other than petroleum and petrochemicals include aluminum, boat building, cement, commercial ship repair, construction materials, fertilizers, fishing, handicrafts, textiles and tourism.

The Emirate’s Free Trade Zone is especially attractive to foreign investors, as they offer 100% foreign ownership of any Dubai company with zero taxes. The government is also spending some of its trade surplus on job creation and infrastructure improvements while opening its utilities to involvement from private Dubai companies. For the next few years, the Emirate hopes to continue to diversify its economy while increasing the education opportunities and private sector jobs available to its citizens.

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