Leadership
The U.A.E. began issuing its own national currency, the dirham, after previously using the currencies of Bahrain, Dubai and Qatar. The dirham was issued by the newly-established Currency Board, which became known as the U.A.E. Central Bank in 1980.
Five decades after its founding on December 2, 1971, the U.A.E. has transformed from a desert land on the tip of the Gulf to a cosmopolitan capital of the Middle East.
1981
The U.A.E. became a founding member of the GCC on May 25, 1981. Abu Dhabi hosted the leaders of Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, to sign the charter.
1996
Against the backdrop of its 50th anniversary, here are some of the key milestones in the U.A.E.’s history.
1971
The U.A.E. gained independence from Great Britain on December 2, 1971. Sheikh Zayed bin Sultan Al Nahyan, head of Abu Dhabi’s ruling family, became the first president of the country. The sovereign federation initially comprised of six emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah, and Umm Al Quwain. A year later, Ras Al Khaimah joined the federation as the U.A.E.’s seventh emirate.
F O R B E S M I D D L E E A S T.C O M
Dubai World Cup and Dubai Shopping Festival launched in 1996. The first Dubai Shopping Festival attracted 1.6 million visitors and $544.5 million in revenue during its two-month run. The first Dubai World Cup was the world’s richest horseracing event. Today it offers $30.5 million in total prize money across nine races.
1999
The Burj Al Arab opened after five years of construction on December 1, 1999. The sail-shaped structure stands at 1,053 feet tall. The project was designed to give the region a recognizable landmark building akin to France’s Eiffel Tower, and accentuate the U.A.E.’s as a tourist destination ahead of the new millennium.
DECEMBER 2021
BY KHADIJAH MAZEN; PHOTO FROM THE NATIONAL ARCHIVES, WAM, FROM SOURCE
LEADERBOARD
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50 Years Of The U.A.E.
1973
