Real Estate - The Dubai Story - Part 1

Archeological digs attest to the presence of humans in the Gulf region for millennia. During the Neolithic period, a milder climate enabled human populations to settle in these territories. These communities demonstrated regular exchanges with other civilizations, probably establishing significant trade routes. One of the most precious testimonies to this period are the gold artefacts discovered at the Saruq Al-Hadid archaeological site in southern Dubai.

The Evolution of Maritime Trade

Around three millennia ago, the domestication of camels marked a turning point in facilitating the exchange of goods over long distances. Gradually, the pearl trade expanded thanks to the development of maritime navigation techniques and the expansion of connections with foreign markets.

In 630 AD, the adoption of Islam in the region transformed commercial centers such as Ra's al-Khaimah into both commercial and strategic ports. The era was also marked by maritime tensions between local fleets and foreign powers such as the Portuguese, Ottomans and British. To stabilize relations, a peace treaty was signed in 1820 between the leaders of the future emirates and the British government, giving rise to the "Trucial States".

Dubai's First Bases

The first written records of Dubai's settlement date back to 1799, when the city was attached to Abu Dhabi. In 1833, around 800 members of the Al bu Falasah tribe, under the leadership of the Maktoum family, settled near Dubai Creek, a natural harbor that gradually developed into a fishing, trading and pearl-collecting hub.

During the first decades of the 20th century, Dubai prospered mainly from the pearl trade, which constituted the emirate's main economic resource. However, the appearance of Japanese cultured pearls in the 1930s led to a rapid decline in this sector. At that time, Dubai's population was around 20,000, including some 5,000 expatriates.

The Emergence of Modern Dubai

In the 1950s, the transfer of British offices from Sharjah to Dubai marked a turning point in the emirate's development. Following this event, in September 1958, Sheikh Rashid bin Saeed Al Maktoum became ruler of Dubai. From then on, he devoted himself to the rapid development of the emirate, consolidating its status as a pioneer of modernization.

The opening of Dubai International Airport in 1960 illustrates this desire to connect Dubai to the rest of the world. Another key project was the inauguration of the Maktoum Bridge in 1963, a strategic structure crossing the creek. The construction of the Deira Clock Tower in 1965 symbolized Dubai's growth and central position as a trade hub. The structure, designed by architect Ziki Homsi, was built at a point where the main roads of the day converged.

The Discovery of Oil and its Consequences

In 1966, the discovery of oil in the offshore Fateh field changed the fortunes of the emirate. The revenues generated enabled Sheikh Rashid to launch a series of projects aimed at modernizing the city, including the creation of hospitals, schools, roads and advanced telecommunications systems.

A landmark initiative was the construction of Port Rashid at the mouth of the creek, a project launched in 1967. The new port, inaugurated in 1972, quickly became a catalyst for trade, promoting the import of materials and accelerating the development of the construction sector.

Oil Infrastructure: Chicago Beach Tanks

At the same time, facilities were needed for the temporary storage of crude oil prior to export. To this end, two gigantic storage tanks were designed by the Chicago Bridge and Iron Company. With a diameter of 90 meters and a height of 70 meters, these impressive structures were assembled on a secluded beach upstream from Jumeirah. Known as "Chicago Beach", the area became a landmark and attracted many locals curious to discover these titanic structures.

This beach was later home to the Chicago Beach Hotel, inaugurated in the 1980s and demolished in 1997 to make way for more modern complexes, including the Jumeirah Beach Hotel and the famous Burj Al Arab. The pier, originally built by the Chicago Bridge and Iron Company, is now home to the renowned Pierchic seafood restaurant.

Development of Residential and Hotel Zones

In parallel with the transformation of the infrastructure, the Chicago Beach Village area, formerly reserved for oil workers, was replaced in 2002 by the luxury Madinat Jumeirah complex. From the late 1960s onwards, Dubai also began to export the first cargoes of oil produced from the Fateh field, consolidating the emirate's prosperity and urban development ambitions.

The second part 2 of the Dubai story is available here

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