Describe the types of industry in Dubai before 1990 and now.
Answers
Dubai Industry has changed a lot from 1990 from oil to other industries
Explanation:
- Before 1990, Dubai Industry was largely based on oil extraction
- After 1990, it has focused on various industries like construction of buildings and roads
- It has also focused on food industry, shopping, health and finance department.
- Dubai city has also many sports centers now
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Types of Industries in Dubai before 1990 and now:
Oil reserves were discovered in Dubai during the 1960s and export of crude oil led the economy to boom. Oil industry remained the dominant industry until around 1980s when the annual income from oil has declined and forced Dubai to think of other ways of income. Then it started developing as a Tourist Nation.
In the last few decades, Dubai has expanded its non-oil sectors to maintain the flow of foreign exchange. Some of the major industries of Dubai after 1990 are
1. Construction.
2. Oil and gas.
3. Financial services.
4. Foods and snacks.
5. Healthcare.
6. Security.
7. Transport.
8. Environment.
The income from oil industry now accounts to less than 5% of the GDP and the income from Tourism industry accounts to 20% of the GDP. Dubai has also developed into a global hub in the industries of Information technology and finance.
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