The Gold-Digger of UAE aka Oil

UAE has the fourth largest oil reserves around the globe which directly makes it the one of the richest country too. The country has large numbers of well to extract the oil and export them in every possible country around the world. UAE also is the home to 7th largest natural gas reserve all over the world. They started investing the earned revenues from the export of oil into various domains of the country including health department, infrastructure division, education and other sectors which are supposed to responsible in making any country developed. 

More than the 85% of the country economy relies upon the petroleum as well as natural gas extraction and export, a report says about the year of 2009. Some facts say that 77% of whole state budget also depends upon the oil exports.

The discovery of Oil

Before the Oil era in UAE, the country solely relied upon the fishing and pearl industry and 19th and 20th century had that industries rise which also gave the employment and income to the natives. But during the First World War the economy rolled out and it goes lowest in from 1920s to 1930s and Japanese made this worse by inventing the cultured pearl moreover at Second World War the Indian government made the taxation rules which bowled out the entire Arab economy.

But then British came up and set up the offices for the development works there which later took over by the seven sheikhs of Emirates. At that time the border dispute always took place with UAE. 1922 was the year when UAE fate took turn and British government managed the deal which quote that no trucial rulers would sign the concessions agreement and would not get associated with foreign companies then in British leadership the oil company Iraq petroleum company started taking interest and British Petroleum would take around 23% share in the IPC.

The first commercial export and the rest

The first ever export was at the 1962 when a floating rig comes over the ocean at Abu Dabhi region. Till then different companies around the world and UAE’s own new companies took the charges solely or with collaboration drilled down the various places and found unlimited resources.After the independence the UAE took over all the oil wells and started doing work on their own and the story goes on till date.