Famous Arab Sheikhs of Dubai: Wealth and Fortune

1:05 am  |  03.09.2023

Homemade leopards, falconry, expensive cars, and the finest racehorses are all about the entertainment of Arab sheikhs. In the past, the lands where Dubai, Abu Dhabi, and other prosperous cities stand today were only sometimes developed. At one point, people who lived on these lands lived in poor conditions, with small shacks replacing the towering skyscrapers that now dominate the desert skyline. These cities were once small towns before experiencing significant growth and development.

Everything changed when oil was found in the territory of the modern UAE. At this point, yesterday’s Bedouins turned into the richest people on the planet.

Life of Arab Sheikhs

It is clear that wealthy people are limited only by their imagination. Everything you come up with is made possible by your home pool, which is oil instead of water. However, before its arrival here, it was engaged in dates, which in these areas are a pond. In livestock farming, camels and goats were preferred.

Ship with oil barges

In 1966, a deposit of oil was discovered off the coast of the Persian Gulf. Then the country was still dependent on Britain. The natural potential allowed the UAE to declare independence after 5 years. So, in 1971, a new state appeared on the map of the world. Today, Dubai alone has 26,000 millionaires. Every year, the number of wealthy individuals in the country increases by 4,000.

READ: UAE Real Estate Market in 2023-2024: 5 Important Projects

Not surprisingly, the minimum salary in the Emirates – 3,000 dollars. It is essential not to hurry to visit sheikhs in order to make money. The country’s economy is well-managed so even if you don’t own oil wells, you won’t be out of a job. Almost all local residents work in business management. By the way, they have alternative types of earnings. The fact that everyone has the right to give an invitation to enter and work in the UAE foreigners. 

But there is a different life for the wealthier. Prince Hamdan, heir to the Emirate of Dubai, lives in the country but has spent most of his life in England. That’s where the sheikhs send their kids. He studied economics in the United Kingdom and is now active in the country’s economic and political life. However, there is little known about his private life, except for his wide range of interests – it’s easier to say what doesn’t interest Hamdan. 

The day of the ordinary prince of the Emirates begins with a pet lion cub. When there is no urgent business, the heir flies on a private jet to go surfing. Fishing, underwater hunting, mountaineering – the prince even runs a personal blog, where he shares with photographers the secrets of successful shots.

His Highness has won numerous prestigious awards, including the gold medal at the World Equestrian Games. In 2014 in France, he became world champion in equestrian. Another fact that will surprise people is that Hamdan spends an incredible amount on charity. 

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How Oil is Divided in the UAE

While the play itself is engaging, the real intrigue lies behind the curtains. It is the theater director who makes the production truly spectacular. As you may be aware, not every resident of the UAE has access to the country’s natural resources.

So, the Emirates is a monarchy, and there is not even a hint of communism, where everyone is happy and everything is equal. So, all the money is in the hands of the sheikhs. There is a strong connection here to the fact that people are united by the same blood, worldview, and religion. The remainder goes to those who come here to work and take part in the development of these lands. 

So, the main oil reserves are owned by wealthy families.

Certain families realized it in time and began to engage in land exploration, redemption of territories, and in some cases, cunning tricks of appropriation.

Al Maktoum family

Dubai is ruled by the Al Maktoum family. Their clan system is so strong and unshakable that others have no desire to seize power from them. The dynasty cares not only about their well-being but also about the people who surround them. Naturally, this is one of the mechanisms for maintaining power, but it is configured in such a way that people do not see in it the embodiment of evil and greed. Their dynasty is one of the most influential because they rank second in the country in terms of oil production. The share of raw material production is more than 15 percent of the total product in the Emirates. 

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Another large clan is Al-Nahyan. In fact, this family dominates the country. Firstly, its representative is the President of the UAE. Secondly, Dubai contains more than 80% of the state’s black gold. By possessing such wealth and exerting enormous influence over others, they hold power in their hands. There is competition between families, but they treat each other with mutual respect. Thanks to their strong union, the UAE ranks 7th in the world in oil supplies.

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