dubai

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Dubai

DUBAI

The modern emirate of Dubai was created with the formation of the United Arab Emirates in 1971. However, written accounts documenting the existence of the city have existed at least 150 years prior to the formation of the UAE. Dubai shares legal, political, military and economic functions with the other emirates within a federal framework, although each emirate has jurisdiction over some functions such as civic law enforcement and provision and upkeep of local facilities. Dubai has the largest population and is the second largest emirate by area, after Abu Dhabi.With Abu Dhabi, it is one of only two emirates to possess veto power over critical matters of national importance in the UAE. Dubai has been ruled by the Al Maktoum dynasty since 1833. The emirates' current ruler, Mohammed bin Rashid Al Maktoum, is also the Prime Minister and Vice President of the UAE.

Revenues from petroleum and natural gas contribute less than 6% (2006) of Dubai's US$ 37 billion economy (2005). A majority of the emirate's revenues are from the Jebel Ali free zone authority (JAFZA) and, increasingly, from tourism and other service-oriented businesses. Dubai has attracted world-wide attention through innovative real estate projects and sports events.

National Flag of Dubai

The Burj Al Arab in Dubai.

The Economy of Dubai is valued at US$ 46 billion (2006). The International Herald Tribune has described it as "centrally-planned free-market capitalism. though Dubai's economy was built on the back of the oil industry, revenue from petroleum and natural gas currently account for less than 3% of the emirate's gross domestic product. Dubai became important ports of call for Western manufacturers. Most of the new city's banking and financial centres were headquartered in the port area. Dubai maintained its importance as a trade route through the 1970s and 1980s. The city of Dubai has a free trade in gold and until the 1990s was the hub of a "brisk smuggling trade" of gold ingots to India, where gold import was restricted.

The Margham desert sand dunes south of the city of Dubai