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Photos Courtesy of Angel Goh and Lucy Lund.

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Dubai's Wealth

March 21, 2018

The UAE has been a prime location for international trade. In the 1950s oil deposits were found near the capital, Abu Dhabi, which counted for 400 billion dollars of the UAEs GDP. But Dubai wasn’t so rich, only 1 % of its economy was from oil sales. The UAE has always had a close relationship with the UK, granting them Western investments and partnerships. Thus in 2000 the international credit boom helped the UAE receive foreign investments that payed for the world's tallest sky scraper. In the late 2000s with the economic crisis, Dubai was left in debt, only when Abu Dhabi helped them with a 10-billion-dollar loan. Leading them until today in richness, although the oil is vanishing.

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