Dubai and The Third Millennium

Paper Summary:

This paper reviews the history of Dubai and discusses how the current architectural restructuring of Dubai fits the mold of the emerging global economy of the third millennium by possessing the capacity to generate substantial profit from its modern wonders of the world.

From the Paper:

"Economically, more gradual changes have been coming about since the mid-1900s: "In the 18th century, Dubai was a small fishing and trading village inhabited by members of the Bani Yas." Essentially, life had remained relatively unaltered for these people for over two millennia; this began to change when the Al Maktaum family settled the area in 1833 and put a number of coastal towns under their control. Only two years later the Al Maktaum's signed the "Perpetual Maritime Truce" with the United Kingdom, and two decades later it became an official protectorate of the imperialistic nation. During this period trade expanded primarily through the export of pearls, and the city became inhabited by a majority of Indian tradesmen. International trade increased significantly when oil reserves were discovered in 1966 and concessions were made to foreign investors. In the 1970's and 80's, "Dubai and its twin across the Dubai creek, Deira (independent at that time), became important ports of call for Western manufacturers. Most of the new city's banking and financial centers were headquartered in this area." Gold also became an intrinsic part of the economy in Dubai, since the city has a free trade in gold and the commodity is restricted in India. Overall, since the arrival of the Al Maktaum's, Dubai has become a largely foreign settlement for traders of virtually all kinds; its unprecedented growth is clearly the result of an expanding international economy."

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