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Dubai is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai. It is located in the eastern part of the Arabian Peninsula on the coast of the Persian Gulf, Dubai aims to be the business hub of Western Asia. It is also a major global transport hub for passengers and cargo. Oil revenue helped accelerate the development of the city, which was already a major mercantile hub. Today, less than 5% of the emirate's revenue comes from oil. A centre for regional and international trade since the early 20th century, Dubai's economy relies on revenues from trade, tourism, aviation, real estate, and financial services. It is famous for luxury shopping, ultramodern architecture and a lively nightlife scene. Burj Khalifa, an 830m-tall tower, dominates the skyscraper-filled skyline. At its foot lies Dubai Fountain, with jets and lights choreographed to music. On artificial islands just offshore is Atlantis, The Palm, a resort with water and marine-animal parks.
The Government of Dubai governs the Emirate of Dubai, one of the seven constituent monarchies which make up the United Arab Emirates. The executive authority of the government is the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. The Dubai Municipality and numerous other governing entities are under its jurisdiction.
Dubai's gross domestic product as of 2018 was US $102.67 billion. The Great Recession slowed the construction boom.
The International Herald Tribune has described it as "centrally-planned free-market capitalism." Although Dubai's economy was initially built on revenues from the oil industry, revenue from petroleum and natural gas currently account for less than 5% of the emirate's gross domestic product. Dubai became important ports of call for Western manufacturers. Most of the new city's banking and financial centers were headquartered in the port area. Dubai maintained its importance as a trade route through the 1970s and 1980s. The city of Dubai has a free trade in gold and until the 1990s was the hub of a "brisk smuggling trade" of gold ingots to India, where gold import was restricted. Today, Dubai has focused its economy on tourism by building hotels and developing real estate. Port Jebel Ali, constructed in the 1970s, has the largest man-made harbor in the world, but is also increasingly developing as a hub for service industries such as IT and finance, with the new Dubai International Financial Centre (DIFC). Emirates Airline was founded by the government in 1985 and is still state-owned; based at Dubai International Airport, it carried over 49.7 million passengers in 2015.
Dubai continues to inject capital into its economic and social infrastructure, producing an emirate that can now boast: