How has the discovery of black gold spearheaded the growth of economy in UAE.
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1958
Oil was discovered under an old pearling bed in the Persian Gulf, Umm Shaif, in 1958, and in the desert at Murban in 1960. The first cargo of crude was exported from Jabel Dhanna in the Emirate of Abu Dhabi in 1962.
As a mainstay to the economy, oil exports now account for about 25 percent of the UAE's gross domestic product. In addition to being an important supplier of energy, the UAE is now becoming an increasingly relevant consumer of energy.
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