The richest sheikhs of Dubai

Sheikhs of Dubai are known for the fact that throughout the history and prehistory of this emirate they made decisions that are economically beneficial for the region. We do not know who was the ruler in this area when settlements first appeared here (2500 BC), but in 1894 Sheikh M. Bin Asker stated that Dubai would be a free port where there would be no taxation for foreigners. This attracted a lot of traders and made the city the main port of the Persian Gulf.

They were helped by foreigners

Sheikhs of Dubai built their well-being almost always with the help of foreigners. For example, at the beginning of the 19th century, the leader of the Banuyas Maktoum tribe Ben Buti signed an agreement with the British who helped his people move to Dubai from Abu Dhabi and build a city here. The descendants of that leader are still involved in the management of the emirate. The main direction of development in those days was the extraction of pearls.

The Sheikhs of Dubai received their current state, of course, thanks to the oil reserves discovered here in 1966. Before that, their well-being was built not on military successes, but on profitable trade. Fortunately, the geographical location allowed cargo to be shipped from India. Foreigners preferred to make alliances with the local nobility in order to secure their caravans than the sheikhs did not fail to take advantage of.

Oil surplus revenues

In the 1970s the region received astronomical revenues from oil production. It is known that during the period 1968-1975, the population of Dubai increased by 300 percent due to labor from Pakistan and India. The process of developing raw materials flowed peacefully, since the city immediately gave concessions to international firms. Sheikhs of Dubai (at that time Rashid al Maktoum ruled) and at that moment correctly disposed of the super profits they received, directing them to expand and equip the city, which previously resembled the village. Such a policy has led to the fact that at the moment the administrative education receives only 10% of the revenues from oil production, while the rest comes from tourism and trade.

The richest sheik of Dubai at the moment is his ruler Muhammad al Maktoum, who is the prime minister and vice-president of the UAE. His fortune is estimated at 80 billion dollars. He was born in 1949, grew up in a family estate, studied Arabic and English. After graduation, he entered Cambridge. With this progressive ruler, who is not stranger to high technologies, Dubai has the highest building of Burj Khalifa, the largest aquarium, the Mir archipelago, and a ski resort in the middle of the desert with real snow.

Strict Sheikh

The rich sheikhs of Dubai are known for their passion for luxurious things. They collect art objects, thoroughbred animals. Muhammad Al Maktoum, in certain circles, became famous as a tough leader, capable of personally traveling all the subordinate departments before starting work and, without finding employees in the workplace, to fire them within fifteen minutes. He also canceled the traditional days off for financial institutions to work in concert with world markets. Such a policy has given some results - investments in Dubai are about $ 100 billion a year.