Dubai creek was a natural harbour; this helped Dubai to become a centre for fishing, pearling and sea trade. By the beginning of 20th century, Dubai had developed into a successful port city.
The discovery of oil in 1960's transformed the emirate and its way of life. Dubai's first oil exports in 1969 were followed by a period of rapid development that laid the foundations for today's modern society.
Dubai was the first to establish Islamic banks worldwide with the opening of Dubai Islamic bank (DIB) back in the 1970s, in addition to starting the Dubai Financial Market (DFM), which is the first global Shari'a compliant exchange.
In the 1980s and early 1990s, Dubai took a strategic decision to emerge as a major international-quality tourism destination.
Dubai's economy is now more diversified; relying heily on trade, services and finance sectors, with a thriving business community. Dubai's GDP reached around AED 115 billion during the first quarter of 2024.