 Dubai has 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 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 workforce . Dubai 's property market experienced a major deterioration in 2008 – 09 following the financial crisis of 2007 – 08 , but the emirate 's economy has made a return to growth , with a projected 2015 budget surplus . 
