Chapter 1 Introduction Dubai is one of the seven emirates of the United Arab Emirates (UAE). It is located so ut h of the Per si an Gul f on the Ar abian Peni ns ul a. The Dubai Muni cipa lity is sometimes called Duba i state to dist ing uish it fro m the emirat e. Written accounts document the existence of the city for at least 150 years prior to the format ion of the UAE . Legal, political, mi litary and econ omic functions wi th the ot he r emir at es wi thin a fe de ra l fr amewor k, al th ough ea ch emir ate ha s jurisdiction over some functions such as civic law enforcement and provision and upkeep of local facilities. Dubai has been ruled by the Al Maktoum dynasty since 1833. Dubai's current ruler, Mohamme d bin Rashid Al Maktoum, is also the Prime Minister and Vice President of the UAE. The emirate's main revenues are from tourism, property and financial services. Although Dubai's economy was originally built on the oil industry, revenues from petroleum and natural gas currently contribute less than 6% (2006) of the emirate's US$ 80 billion economy (2009). Property and construction contributed 22.6% to the economy in 2005, before the current large-scale constructio n boom. Page | 1
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7/31/2019 International Business Dubai Final Report(2)