Discovery Of Oil
Oil is eventually discovered in Dubai in 1966. In 1969 Dubai exported oil for the first time. It is estimated that Dubai produces 50,000 to 70,000 barrels of oil, a day.The major turning point in the history and fortunes of Dubai was the discovery of oil in 1966.Coupled with the joining of the newly independent country of Qatar and Dubai to create a new currency, the Riyal,after the devaluation of the Persian Gulf rupee which had been issued by the Government of India,it enabled Dubai to rapidly expand and grow. Once the first shipment of oil was made in 1969, the future of Dubai as an autonomous state was secured,and its ability to dictate policy in later years to the UAE was cemented.