A Quick Overview Of Dubai History-Darik Elwan

Dubai is the country with the largest number of inhabitants of all the Emirates and the second largest in terms of land area. It is also the most liberal, modern and progressive of the Emirates as it has developed faster and further than its counterparts.The first evidence of Dubai's history dates back to 1095 CE. No records are known between that date and the second oldest record from 1587, where the author speaks of Dubai darik elwan as a popular place for pearl diving. As you will see, the early history of Dubai is not known until today.

The royal family of Dubai (the current rulers) dates back to 1833, when the Al Maktoum dynasty arrived to claim Dubai from Abu Dhabi (capital of the United Arab Emirates). The dynasty was initially part of the Bin Yas clan that was established in Abu Dhabi darik elwan.It was then that Dubai became an independent emirate and here began the descent of the current royal family of Dubai.

There were many challenges at the beginning of Dubai's history. Due to its ideal geographical location, conducive to trade, many tried to conquer and take over the city.It was then that the city of Dubai accepted the protection of the British (at that time Great Britain was a very strong defensive power). Once Dubai was protected by the British, the royal family of Dubai took advantage of its location and became involved in trade with other countries. Several traders from various countries (mainly from India) came to Dubai to trade goods.

History of Dubai's currency

The Gulf Rupee was the first currency used by Dubai. Dubai later joined Qatar and together they formed the Riyal. The Riyal was more stable than the Gulf Rupee, which became diluted in value and practically useless.In 1971, to further stabilize its currency and strength, Dubai joined Abu Dhabi to form the United Arab Emirates.Four other Emirates had already joined Abu Dhabi and one more did so in 1972. Dubai then adopted the dirham of the United Arab Emirates.

The dirham has been widely used for a long time. As it was widely used in Dubai's commerce, it spread widely among all traders and merchants. The dirham was pegged to the US dollar in November 1997. This has not changed since then.Each US dollar is equivalent to 3.6725 dirhams. Each Dirham comprises 100 Fills (equivalent to cents). Most commonly the Dirham darik elwan is abbreviated as "Dhs" and in some cases "DH".

While I was in Dubai in 2007, there was some speculation (mainly rumours) that the Dirham might appreciate for the first time because it was pegged to the US dollar. The speculation was mainly due to the devaluation of the dollar.Many people rushed to the exchange houses trying to trade their currency. Some made quick money and others lost in the process.

Luckily I had some cash on hand and ran to Citibank. I was able to exchange my dollars for more dirhams and then found an exchange house where I exchanged my dirhams for dollars, except at a better rate. I wished I had my entire bank account in Dubai at that time.

Dubai contains the most number of people in all of all Emirates and is second in land mass area. It is also the most liberal, modern and forward thinking Emirate since it has developed faster and farther than its counterparts.

The earliest evidence of the history of Dubai is dated 1095 CE. No records are known between then and the second oldest record as of 1587, where the author discusses Dubai as a popular place for pearl diving. As you will see, the early Dubai history is not known till today.

The royal family of Dubai (the current rulers) could be traced back to 1833 when the Al Maktoum Dynasty arrived to claim Dubai from Abu Dhabi (capital of UAE). The Dynasty was initially part of the Bin Yas clan which was settled in Abu Dhabi.

This is when Dubai became an independent Emirate and here started the ancestry of the current royal family of Dubai.

There were many challenges early in the history of Dubai. Due to its ideal Geographical location that is conducive to trading, many tried to conquer and take over the city.

This is when Dubai City agreed for protection under the British (back then Britain was a very strong defence power). Once Dubai was protected under the British, the royal family of Dubai took advantage of its location and got involved in trading with other countries. Several traders from various countries (mainly India) came to Dubai to trade goods.

History of Dubai Currency

The Gulf Rupee was the first currency used by Dubai. Dubai later joined Qatar and together formed the Riyal. The Riyal was more stable than the Gulf Rupee, that diluted in value and practically became useless.

In 1971, to further stabilize its currency and its strength, Dubai joined Abu Dhabi to form the United Arab Emirates.

Four other Emirates had already joined Abu Dhabi and one more joined in 1972. Dubai then adopted the UAE Dirham.

The Dirham has been utilized widely for a long time. Since it was used a lot in trade in Dubai, it spread widely among all merchants and traders. The Dirham was pegged to the US Dollar back in November 1997. This hasn't changed since.

Each US Dollar equates to 3.6725 Dirhams. Every Dirham comprises 100 Fills (equivalent of cents). You would most commonly see the Dirham abbreviated as "Dhs" and in some cases "DH".

While I was in Dubai in 2007, there was some speculation ( mainly rumors) that the Dirham might be revalued for the first time because it was pegged to the US Dollar. The speculation was mainly due to the devaluation of the US Dollar.

A lot of people rushed to the exchange houses trying to trade in their currency. Some made some quick money and some lost in the process.

Luckily I had some spare cash on hand and rushed to Citibank. I was able to trade in my US Dollars for more Dirhams and later found an exchange house where I traded back my Dirhams for USDs, except at a better exchange rate. I wished I had my entire bank account in Dubai at the time.

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