Discovery of Oil in United Arab Emirates

Introduction

United Arab Emirates was the backward desert region of the world. However, due to the discovery of petroleum, it has become one of the biggest booming economies of the world. United Arab Emirates controls around 10 percent to the total oil reserves of the world. In addition to this, it is expected that, the discovery of gas will play a pivotal role in the growth and economic development of the region.

Discussion

The oil exports started in the region during the period of 1950's to 1960's. Before that period, the country was a vast desert. The inhabitants ...