 After years of exploration following large finds in neighboring Abu Dhabi , oil was eventually discovered in territorial waters off Dubai in 1966 , albeit in far smaller quantities . The first field was named ' Fateh ' or ' good fortune ' . This led the emirate to grant concessions to international oil companies , thus leading to a massive influx of foreign workers , mainly Asians and Middle easterners . Between 1968 and 1975 the city 's population grew by over 300 % . 
