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"These oil barons"? Dubai is not oil rich. That is why it has built its economy on trade. I could understand people misunderstanding this in the early millenniu
by Mediterraneo10 6y ago
"These oil barons"? Dubai is not oil rich. That is why it has built its economy on trade. I could understand people misunderstanding this in the early millennium when Dubai was just starting to rise to its global importance, and they had only Arabian-peninsula stereotypes to go by. But it baffles me how people don't know this by now. They most might have learned it, for example, from the fallout of the 2008 crisis which hit Dubai's trade and real estate-based economy and forced it to turn to other parts of the UAE which do have oil.
- sweeneyrod 6y agoWhat is your basis for saying this? The UAE has the third highest oil production per capita in the world.
- Mediterraneo10 6y agoThe contribution which oil makes to Dubai's economy has been in the single-digit percentages for many years.[0] While the UAE overall is known for oil output (though this chart[1] states that it is lower per capita then you suggested, at least for 2017), the UAE is an only loosely joined federation, and so the oil output of other emirates is not reflective of Dubai. [0] https://www.bloomberg.com/opinion/articles/2018-01-14/dubai-s-the-very-model-of-a-modern-mideast-economy https://www.bloomberg.com/opinion/articles/2018-01-14/dubai-... [1] https://en.wikipedia.org/wiki/List_of_countries_by_oil_production https://en.wikipedia.org/wiki/List_of_countries_by_oil_produ...
- TLightful 6y agoLOL