As a subject matter expert in the history of economic development, particularly in the context of the Middle East, I am well-versed in the intricate details that have shaped the economic landscape of the region. The story of Dubai's economic transformation is a fascinating one, with the discovery of oil playing a pivotal role in its modernization and growth.

Dubai, one of the seven emirates that make up the United Arab Emirates, was historically a small fishing and pearling community. The 1960s marked a period of significant change for Dubai, as its economy began to diversify. Trade was the primary source of income, but the potential of oil exploration was also being recognizeread more >>

By the 1960s, Dubai's economy was based on revenues from trade and, to a smaller extent, oil exploration concessions, but oil was not discovered until 1966. Oil revenue first started to flow in 1969.read more >>