In 1966, oil was discovered in the Dubai area. Starting in 1969, Dubai began exporting oil and using revenues to fund important infrastructure projects. In particular, the emirate began developing its tourism sector and constructing a number of shopping malls and luxury hotels. Today, Dubai stands as an internationally recognized tourist destination and welcomes millions of leisure and business travelers to its shores annually. Dubai also plays host to international sporting events such as the Dubai Sevens, the Dubai Desert Tennis Championships, and the Emirates Grand Prix.
Over the past several decades, Dubai has emerged as one of the most important economic centers in the Middle East. Modern Dubai traces its roots back to the early 19th century, when members of the Bani Yas tribe established a small fishing settlement at the mouth of the creek in Dubai. By the beginning of the 20th century, Dubai had grown into a significant regional port, with a population of 20,000 and some 350 shops along the coast.
In 1966, oil was discovered in the Dubai area. Starting in 1969, Dubai began exporting oil and using revenues to fund important infrastructure projects. In particular, the emirate began developing its tourism sector and constructing a number of shopping malls and luxury hotels. Today, Dubai stands as an internationally recognized tourist destination and welcomes millions of leisure and business travelers to its shores annually. Dubai also plays host to international sporting events such as the Dubai Sevens, the Dubai Desert Tennis Championships, and the Emirates Grand Prix. A veteran consultant in the Middle East oil and gas sector, Shahram Shirkhani helped negotiate the acquisition of such major industry players as Pars Oil Company and the Oil Industry Investment Company. Additionally, Shahram Shirkhani has arranged financing for drilling and other oil projects in the United Arab Emirates and Saudi Arabia.
Recently, the Energy Information Administration of the United States Department of Energy reported that the UAE netted approximately $48 billion from oil exports during the first six months of 2013. Although the country is not quite on par to reach the record-breaking $100 billion amount it achieved for 2012, it remains the second-largest earner in the Organization of the Petroleum Exporting Countries (OPEC). Other high earning OPEC countries include Kuwait, Iraq, and Nigeria, each of which have generated more than $40 billion in 2013 so far. Last year, OPEC (excluding Iran) reported combined earnings of $982 billion. While Saudi Arabia’s profits accounted for almost a third of the organization’s 2012 total, the UAE’s earnings comprised more than 10 percent. It is important to note, however, that data for Iran’s 2012 and 2013 earnings was not available when these figures were compiled. |
AuthorDr. Shahram Shirkhani works on behalf of prominent multinational corporations and financial institutions in addition to private entities based in Iran and surrounding countries. Archives
February 2016
Categories
All
|