Dubai Gets 2% GDP From Oil After Diversifying Revenue Sources
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Dubai’s oil output made up 2.1 percent of the Persian Gulf emirate’s economy in 2008, slipping from about half its income in the 1970s, as the sheikhdom diversified revenue, a government bond prospectus showed.
The emirate’s gross domestic product, a measure of the size of an economy, rose 14 percent in 2008 to 302 billion dirhams ($82.2 billion), according to the bond prospectus posted on the London Stock Exchange website yesterday. Dubai, the second-largest sheikhdom in the United Arab Emirates behind capital Abu Dhabi, earned 6.37 billion dirhams from oil and natural gas production in 2008, a decline from 7.57 billion dirhams in 2005.