Some Facts about Dubai and Global Village Dubai
Dubai, together with Abu Dhabi and five other emirates, formed the United Arab Emirates after Britain left the Persian Gulf in 1971. In 1973, Dubai joined the other emirates to adopt a single, uniform currency: the UAE dirham.
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Nearly all of the commercial establishments are run by expatriates with a silent local partner who merely "rents" the business license for a negotiated annual fee without taking part in any capital investment. The numerous free trade zones allow for full expatriate ownership.
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After the devaluation of the Gulf Rupee in 1966, Dubai joined the newly independent state of Qatar to set up a new monetary unit, the Qatar/Dubai riyal. Oil was discovered 120 kilometres off the coast of Dubai, after which the town granted oil concessions.