An extract on #dubai
Dubai emerged as a global city and business hub of the Middle East. It is also a major transport hub for passengers and cargo. By the 1960s, Dubai's economy was based on revenues from trade and, to a smaller extent, oil exploration concessions, but oil was not discovered until 1966. Oil revenue first started to flow in 1969. Dubai's oil revenue helped accelerate the early development of the city, but its reserves are limited and production levels are low: today, less than 5% of the emirate's revenue comes from oil.
The Emirate's Western-style model of business drives its economy with the main revenues now coming from tourism, aviation, real estate, and financial services. Dubai was recently named the best destination for Muslim travellers by Salam Standard. Dubai has recently attracted world attention through many innovative large construction projects and sports events. The city has become iconic for its skyscrapers and high-rise buildings, in particular the world's tallest building, the Burj Khalifa. Dubai has been criticised for human rights violations concerning the city's largely South Asian and Filipino workforce. Dubai's property market experienced a major deterioration in 200809 following the financial crisis of 200708, but the emirate's economy has made a return to growth, with a projected 2015 budget surplus.
As of 2012, Dubai was the 22nd most expensive city in the world and the most expensive city in the Middle East. In 2014, Dubai's hotel rooms were rated as the second most expensive in the world, after Geneva. Dubai was rated as one of the best places to live in the Middle East by U.S. global consulting firm Mercer.
Many theories have been proposed as to the origin of the word "Dubai". One theory suggests the word was used to describe the souq, which was similar to the souq in Ba. Another theory states that the name came from a word meaning "money", as people from Dubai were commonly believed to be rich due to the thriving trading centre of the location. An Arabic proverb says "Daba Dubai" (Arabic: ), meaning "They came with a lot of money." According to Fedel Handhal, a scholar on the UAE's history and culture, the word Dubai may have come from the word daba (Arabic: ) (a past tense derivative of yadub (Arabic: ), which means "to creep"), referring to the slow flow of Dubai Creek inland. The poet and scholar Ahmad Mohammad Obaid traces it to the same word, but to its alternative meaning of "baby locust" (Arabic: ) due to the abundant nature of locusts in the area before settlement. An inhabitant or native of the city is a Dubaian.