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best place to visit in dubai 2016 , 15 must visit places . Dubai has emerged as a global city and business hub of the Middle East.[6] 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. 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. Dubai (دبي) is one of the seven emirates that make up the United Arab Emirates. It is rather like an independent city-state and is the most modern and progressive emirate in the UAE, developing at an unbelievable pace in the tourist and trade sectors especially. Recently Dubai won the bid to host EXPO 2020, a Universal scale Registered Exposition approved by the Bureau of International Expositions, Paris. 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.Dubai has recently attracted world attention through many innovative large construction projects and sports events. The city has become iconic for its skyscrapers and high-rise buildings, in particular the world's tallest building, the Burj Khalifa. Dubai has been criticised for human rights violations concerning the city's largely South Asian workforce. Dubai's property market experienced a major deterioration in 2008–09 following the financial crisis of 2007–08, but the emirate's economy has made a return to growth, with a projected 2015 budget surplus. Dubai (/duːˈbaɪ/ doo-by; Arabic: دبي‎‎ Dubayy, Gulf pronunciation: [dʊˈbɑj]) is the most populous city in the United Arab Emirates (UAE). It is located on the southeast coast of the Persian Gulf and is the capital of the Emirate of Dubai, one of the seven emirates that make up the country. Abu Dhabi and Dubai are the only two emirates to have veto power over critical matters of national importance in the country's legislature. The city of Dubai is located on the emirate's northern coastline and heads up the Dubai-Sharjah-Ajman metropolitan area. Dubai is to host World Expo 2020.