Some Facts about Dubai and Sharjah
In February 2005, Dubai Waterfront was announced, it will be 2? times the size of Washington D.C., the size of the island of Manhattan. Dubai Waterfront will be a mix of canals and islands full of hotels and residential areas that will add 500 miles of man-made waterfront.
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One of the main reasons for the boom in construction in Dubai is due to its drive to diversify the economy. The Dubai government does not want to depend on its oil reserves which are largely believed to become exhausted by 2010 and, as such, has diversified its economy to attract revenues in the form of expanding commercial and corporate activity. Tourism is also being promoted at a staggering rate with the construction of Dubailand and other projects that include the making of mammoth shopping malls, theme parks, resorts, stadiums and other various tourist attractions.
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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.