Dubai has approxiamelty 4 million barrels of oil in reserve and holds second place in terms if oiil reserve in the UAE, with Abu Dhabi being in first place.
Since oil has been discovered in 1966, how fast Dubai has been growing has increased and not slowed down. Sheik Rashid bin Saeed Al- Maktoum was know as the 'father of modern dubai' and was ready for the changes, once oil has started becoming exported in 1969, big infrastructure ptojects such as port rashid had taken place, just as much as the wealth was booming the political side of Dubai had also started changing.
In 1968 Britian had decided to leave the region and a attempt from them had been made to form the UAE, after sevral meetings and cofferences the UAE was finally formed by the leader Sheik Zayed bin Sultan Al-Nayan on 2nd December 1971, However a couple of years katrs the drivinjg force of Dubai Sheik Rashid has passed away due to a long illness, therefore his son Sheik Maktoum bin Rashid Al-Maktoum had taken over but still remain to follow his fathers footsteps. Sheik Maktoum had understood that the oil wealth is not going to a long lasting source of wealth of Dubai, therefore he decided that oil related revemues would amount to only 10% of Dubai's income.
Dubai and its Historic Discovery and History