Rsearch Paer- Economy of Abu Dhabi Research Paper

Rsearch Paer- Economy of Abu Dhabi - Research Paper Example Abu Dhabi has become the significant trade partner of developed countries after the discovery of oil in the twentieth century following the formation of the UAE in 1971 (Radan, â€Å"The Story of Abu Dhabi†). In the vicinity of 1969, the region of Abu Dhabi was solely demarcated as an empty desert. However, within a span of around 10 years it went through a sea of change wherein a number of landmark architectures were built. Abu Dhabi uninhabitable desert accounts for nearly 10% of the world’s proven oil reserves. The economy of Abu Dhabi is kept on firming up and it will continue for years. Abu Dhabi has a population base of 921,000 till 2013 (Gimbel, â€Å"The Richest City In The World†). The overview of limited private rights of land is becoming the area of focus and the world looks towards Abu Dhabi as a safe investment area. Thus, a rapid explosive progress has risen dramatically. However, it is important that this growth is managed and coordinated in a subs tantial way. The Urban Construction Framework Plan i.e. â€Å"Plan Abu Dhabi 2030† presents a clear picture of the upcoming city as a socially, environmentally and economically maintainable community and as a progressively important national capital (Gimbel, â€Å"The Richest City In The World.†). THESIS STATEMENT The aim of the study is to explore the economy of one of the world’s richest cities i.e. Abu Dhabi. ... HISTORY AND ECONOMY BEFORE DISCOVERING OIL The source of the name of Abu Dhabi is ambiguous but according to ‘Assistant Under Secretory’ of cultural affairs the place Abu Dhabi had a number of dhibhaa (deer) and there was a man who used to chase it. Thus, the nick name was given as Abu Dhabi. The economy was uncertain and local rulers maintained their autonomy only with the British assistance. Before the discovery of oil, Abu Dhabi was a land of desert and there were resourceful nomadic Bedouin tribes who mainly depended on subsistence agriculture, roaming animal husbandry, along with extracting and trading of pearls, fishing and seafaring. At that time, the city can be identified to reveal the availability of several hundred palm huts, a few coral buildings and the ruler’s fort. The Bedouin tribe refers to the desert dwellers, who are considered as the building block of the UAE society. They lived in different places and used to travel between the ocean, the dese rt (to find camels as well as herds) and the oasis (where the water sources along with irrigation are available for farming). The Bedouin tribe was considered as resourceful and independent and their skills prevail today among the modern Emirates people (Zayed University, United Arab Emirates, â€Å"The Story of the U.A.E.†). The city Abu Dhabi mainly depended on fishing and pearl business prior to the discovery of oil. At that period of time, Abu Dhabi was a poor fishing village in the desert. During the 1930s, Abu Dhabi was far from the present state of being regarded as the world’s richest city. At that time, Persian Gulf was considered as the best place for the pearls. Pearl founders had to dive one and a half minute and at times 30 times a