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Dubai has emerged as a global city and business hub of the Persian Gulf region.[7] 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.[8] 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.[9] 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.
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