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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. Dubai has recently attracted world attention through many innovative large construction projects and sports events.
The city has become iconic for its skyscrapers and high-rise buildings, in particular the world's tallest building, the Burj Khalifa.
Dubai was known for its pearl exports until the 1930s; the pearl trade was damaged irreparably by the Great Depression in the 1930s and the innovation of cultured pearls.
With the collapse of the pearling industry, Dubai fell into a deep depression and many residents starved or migrated to other parts of the Persian Gulf.
They continued to trade with Lingah, however, as do many of the dhows in Dubai Creek today, and they named their district Bastakiya, after the Bastak region in southern Persia .
Dubai's geographical proximity to Iran made it an important trade location.
Despite all its trimmings and trappings, Dubai is more than just a playground for the affluent.
However, the town's geographical location continued to attract traders and merchants from around the region.In 1833, following tribal feuding, members of the Al Bu Falasa tribe seceded from Abu Dhabi and established themselves in Dubai.