A visit to the Dubai Museum reveals that the first documented facts about Dubai came to light only in 1799. Strategically located on the Arabian Peninsula along the southern coast of the Persian Gulf, Dubai attracted a lot of foreign tradesmen who later moved to this city as they found lucrative opportunities for business. The discovery of oil in 1966 converted the economy of Dubai resulting in several expatriates honing in to capitalize on this fortune. The Arabs were shrewd enough to realize that the oil reserves were not a permanent source of revenue and introduced several liberal policies and tax free advantages inviting business and venture capitalists to visit Dubai for trade and commerce. Sheik Zayed, the President of the UAE, since it came into existence, utilized the revenues pouring in from oil and trade towards its economic growth and since then, Dubai has not looked back.