Modern Dubai (1990–Present)
The transformation of Dubai from a regional trading port to a global metropolis began under Sheikh Mohammed bin Rashid Al Maktoum (ruler of Dubai since 2006, previously Crown Prince since 1995). His philosophy: "Be first, be different, or be the best." The results:
- 1999: Burj Al Arab opens — the first "7-star hotel"
- 2001: Construction of Palm Jumeirah begins
- 2004: Emirates becomes the largest international airline in the world
- 2008: Financial crisis hits Dubai hard — Abu Dhabi rescues its neighbor with USD 10 billion (the Burj Khalifa was subsequently renamed from "Burj Dubai")
- 2010: Burj Khalifa opens — 828 m, tallest building in the world
- 2020–2021: Expo 2020 in Dubai (postponed to 2021–2022 due to the pandemic)
- 2024: Museum of the Future fully opens
Today, Dubai generates less than 1% of its GDP from oil — the economy is based on tourism, real estate, trade, logistics, financial services, and increasingly technology. The goal: To make the UAE the world's leading nation in AI and space (yes, the UAE sent a probe to Mars in 2021 — "Hope," the first Arab interplanetary mission).