The Middle east is known for the oil trade. In the Middle east, oil is considered to be equivalent to a hen that lays gold. The day this hen stops laying eggs, the era of poverty will start here again. Whenever dubai and riches are mentioned, luxury cars, palaces studded with gold, tall buildings and billions of dollars of wealth come to mind. But have you ever thought that if the oil wells in dubai are closed, then what will happen to these people?
What will be the effect?
oil is a major contributor to Dubai's economy. But if we look at the current situation, it has changed a lot, today dubai is not completely dependent on oil. dubai has strengthened its economy in different ways by investing in areas like trade, tourism, financial services, real estate and logistics.
The sheikhs of dubai have invested the profits from oil in different fields, from which they get a lot of benefit. Even if the oil wells dry up, there will be no significant impact on their wealth. In simple words, if the oil wells in dubai dry up, the chances of the Sheikhs becoming poor are very low.
What will be the impact on the rest of the people?
The Sheikhs of dubai have invested in many fields and many countries, so the depletion of oil will not affect them much. But if the government income from oil decreases, then the jobs, subsidies and infrastructure projects provided by the government may be affected. In such a situation, millions of people may lose their jobs and will have to depend on other fields to earn their living. dubai has so far improved facilities like education, health, transport and housing with the income from oil. If the oil wells dry up, then the government may have to increase taxes to maintain these facilities. Due to which the common people may have to face a lot of problems.
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