Even if the oil is only 1% of GDP recently it was still 50% of GDP back when they were building all of their ports, airlines, banks, and hotels. They’ve also proven as recently as 2020 that they can flood the market with so much oil that it dips into negative cosr per barrel in other nations like the USA and Russia.
Also all the oil money.
Mostly the oil money, I think.
Selling oil is also not woke.
I assure you they are not rich because of oil anymore than they are rich because of pearl.
https://en.wikipedia.org/wiki/Economy_of_Dubai
Even if the oil is only 1% of GDP recently it was still 50% of GDP back when they were building all of their ports, airlines, banks, and hotels. They’ve also proven as recently as 2020 that they can flood the market with so much oil that it dips into negative cosr per barrel in other nations like the USA and Russia.
Kind of fucking weird to say slavery is the source of their success when they have so goddamn much oil money tbh.