Dubai is one of the seven emirates of the United Arab Emirates (UAE). It is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi. Dubai and Abu Dhabi are the only two emirates to have veto power over critical matters of national importance in the country’s legislature. The earliest recorded mention of Dubai is in 1095, and the earliest settlement known as Dubai town dates from 1799. Dubai was formally established in the early 19th century by the Al Abu Falasa clan of Bani Yas, and it remained under clan control when the United Kingdom assumed the protection of Dubai in 1892. Its geographical location made it an important trading hub and by the beginning of the 20th century, it was an important port. In 1966, the year oil was discovered, Dubai and the emirate of Qatar set up a new monetary unit to replace the Gulf Rupee.
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