The sheikhs of Dubai are known for making decisions that are economically beneficial for the region throughout the history and prehistory of this emirate. We do not know who was the ruler in this area when settlements first appeared here (2500 BC), but in 1894 Sheikh M. bin Asker declared that Dubai would be a free port where there would be no taxation for foreigners. This attracted many merchants there and made the city the main port point of the entire Persian Gulf.
They were helped by foreigners
Sheikhs of Dubai built their well-being almost always with the help of foreigners. For example, at the beginning of the 19th century, the leader of the Banuyas tribe, Maktoum Bena Buti, concluded an agreement with the British, who helped his people move to Dubai from Abu Dhabi and build a city here. The descendants of that leader are still involved in the government of the emirate. The main direction of development in those days was pearl mining.
The sheikhs of Dubai got their current status, of course, thanks to oil reserves,opened here in 1966. Prior to this, their well-being was based not on military successes, but on profitable trade. Fortunately, the geographical position made it possible to transport goods from India. Foreigners preferred to make alliances with the local nobility in order to secure their caravans, which the sheikhs did not fail to take advantage of.
Oil windfall
In the 70s of the last century, the region received astronomical income from oil production. It is known that during the period 1968-1975, the population of Dubai increased by 300 percent due to the labor force from Pakistan and India. The process of developing raw materials proceeded in a peaceful manner, since the city immediately gave concessions to international firms. The sheikhs of Dubai (at that time Rashid al Maktoum ruled) and at that moment correctly disposed of the superprofits received, directing them to the expansion and improvement of the city, which before that was more like a village. Such a policy has led to the fact that at the moment the administrative entity receives only 10% of the income from oil production, while the rest of the budget comes from tourism and trade.
The richest sheikh of Dubai at the moment is its ruler, Muhammad al Maktoum, who is the prime minister and vice president of the UAE. His fortune is estimated at 80 billion dollars. He was born in 1949, grew up on a family estate, studied Arabic and English. After leaving school he entered Cambridge. Under this progressive ruler, who is no stranger to high technology, the tallest building, the Burj Khalifa, the largest aquarium, appeared in Dubai.the Mir archipelago, as well as a ski resort in the middle of the desert with real snow.
Strict Sheikh
The rich sheikhs of Dubai are known for their passion for luxurious things. They collect art, thoroughbred animals. Muhammad al Maktoum also became famous in certain circles as a tough leader, who was able to personally go around all the departments subordinate to him before starting work and, not finding employees in the workplace, fire them within fifteen minutes. He also canceled traditional bank holidays for financial institutions to work in harmony with global markets. This policy has yielded certain results - investments in Dubai amount to about $100 billion a year.
