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Oil era

After years of exploration following large finds in neighbouring 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 to an acceleration of Sheikh Rashid's infrastructure development plans and a construction boom that brought a massive influx of foreign workers, mainly Asians and Middle Easterners. Between 1968 and 1975 the city's population grew by over 300%.

As part of the infrastructure for pumping and transporting oil from the Fateh field, located offshore of the Jebel Ali area of Dubai, two 500,000-gallon storage tanks were built, known locally as "Kazzans", by welding them together on the beach and then digging them out and floating them to drop onto the seabed at the Fateh field. These were constructed by the Chicago Bridge & Iron Company, which gave the beach its local name (Chicago Beach), which was transferred to the Chicago Beach Hotel, which was demolished and replaced by the Jumeirah Beach Hotel in the late 1990s. The Kazzans were an innovative oil storage solution which meant supertankers could moor offshore even in bad weather and avoided the need to pipe oil onshore from Fateh, which is some 60 miles out to sea.

Dubai had already embarked on a period of infrastructural development and expansion. Oil revenue flowing from 1969 onwards supported a period of growth with Sheikh Rashid embarking on a policy of building infrastructure and a diversified trading economy before the emirate's limited reserves were depleted. Oil accounted for 24% of GDP in 1990 but had fallen to 7% of GDP by 2004.

Critically, one of the first major projects Sheikh Rashid embarked upon when oil revenue started to flow was the construction of Port Rashid, a deep-water free port constructed by British company Halcrow. Originally intended to be a four-berth port, it was extended to sixteen berths as construction was ongoing. The project was an outstanding success, with shipping queuing to access the new facilities. The port was inaugurated on 5 October 1972, although its berths were each pressed into use as soon as they had been built. Port Rashid was to be further expanded in 1975 to add a further 35 berths before the larger port of Jebel Ali were constructed.

Port Rashid was the first of a swath of projects designed to create a modern trading infrastructure, including roads, bridges, schools and hospitals.