UAE | Media
Major events that shaped business
Gulf News takes a look at the last 30 years to highlight some developments that changed our readers' lives.
- Gulf News
- Published: 01:18 September 30, 2008
1 Collapse of the Socialist Bloc
December 1991: The collapse of the former Soviet Union supported socialist block changes the rules of the game in the European economy, opening up new markets and new opportunities for the West. Although it took more than a decade for the former East European countries to reach West European standards, most of them have now joined the EU, creating the largest economic bloc in the world.
2 World Trade Organisation (WTO)
January 1, 1995: The emergence of the World Trade Organisation (WTO) from the ashes of the General Agreement on Tariffs and Trade (GATT) in 1996, helps it to raise and tackle issues hindering global trade. During the last 12 years, it has managed to reach certain objectives, such as reduce non-tariff barriers. It has, however, failed to break the deadlock on the Doha Round.
3. Microsoft Windows
May 22, 1990: Microsoft begins offering improved versions of its hugely successful Windows operating system, migrating from the Disc Operating System (DOS) that makes computing easier and changes the way people process information. As personal computers migrate from Intel's 386 to 486 processors and eventually to Pentium and Centrino, computing moves from PCs to laptops and then palmtops, making business applications much easier.
4. The emergenceof the Internet
1990s: The internet is one of the best things that has happened to mankind. It changed the way people seek information. With the internet, suddenly the whole world has become a virtual "global village" where thousands of people chat, interact through social networking sites and blogs. It has opened a whole new world to those seeking information, references and more.
5. Mobile telephony
1990s: Mobile phones begin to penetrate businesses and reach the masses in the 1990s and rapidly begin to change the way people communicate, interact and do businesses. Today, thanks to mobile applications, people pay their utility bills, make payments and transfer money through this handheld device.
6. World's firstA380 takes to the sky
2000-08: Airbus creates history in the aviation industry by launching the A380 superjumbo - the world's first end-to-end double-decker aircraft that is expected to carry 650 passengers in a single flight - thus raising the bar in modern commercial jet aviation. It has already delivered four A380s to its customers that are regularly carrying passengers.
7. Tata launches Nano
January 10, 2008: Indian automaker Tata announces it will develop a family saloon car and sell it for $2,500 - making it accessible for average middle class households and eliminating two-stroke auto-rickshaws from the streets. This is the cheapest automobile in global motoring history and remains a milestone.
8. Mergers and acquisitions
May 7, 1998: Daimler-Chrysler merger. As matured economies become saturated, consolidation becomes the only survival tool for large corporations, unable to grow further due to ageing populations. Mergers and acquisitions are helping some to remain in business. Daimler-Chrysler, Ford-Daewoo, JP Morgan Chase, Air France-KLM, Lufthansa-Swiss are some of the examples.
9. Credit Crunch in the West
From 2006: Excess credit disbursements against the gradually declining repayment power of consumers creates a credit sqeeze in the West, forcing many companies to bring down shutters over the last two years, marking a recession.
10. Emergence of Microcredit
October 13, 2006: Bangladeshi Professor Mohammad Younus and Grameen Bank - a microcredit institution he founded, are jointly awarded the Nobel Peace Prize for changing the lot of 7.5 million marginal poor. The recognition sheds more lights on the global microcredit industry that defies the principles of conventional banking.
11. Subprime crisis
August 2007: The mother of all bubbles brings the US economy to its knees. As the income level of average American households declines while mortgage bills pile up, home-buyers are forced to top-up bills with subprime offerings, which eventually ends in a large number of foreclosures, creating a credit crisis in the US.
12. China's emergence
1980s: China, which abandoned its socialist economy in the 1980s by grooming capitalism under the state mechanism, begins to cash in on a cheap and disciplined labour force by bringing manufacturing to its cities in the 1980s and 1990s, transforming itself into a major economic powerhouse.
13. India becomes world's IT outsourcing hub
1990s: India becomes the world's biggest IT outsourcing hub. India opens its economy for limited foreign investment in the 1990s, and brings in the latest technologies to boost the performance of its industries, also turning itself into an IT outsourcing hub by utilising its human resources. It is now one of the world's major economic powerhouses.
14. Economic recession
July 2007: The credit crunch and the financial crisis that began in 2007 following defaults in the US subprime mortgage lending market eventually develop into a general slowdown in the US economy. The US slowdown impacts economic growth around the world.
15. Consolidation in airline industries
2001: Following September 11, many Western airlines file for bankruptcy protection amid falling travel demand. Although the industry recovered from that, a number of airlines and industries are facing similar situations - forcing them to merge with others.
16. Economic integration of the GCC
May 25, 1981: The six Gulf states that formed the Gulf Cooperation Council in the early 1980s, make significant progress in integrating their economies including simplifying regulations, processes, customs and logistics processes that ease the movements of goods across the borders. In 2008, the region creates a common market.
17. Single Currency - Gulf Monetary Union
Deadline 2010: Although a single Gulf currency is likely to miss its 2010 deadline, the Gulf states come a long way towards creating a monetary union, which once established will help the six countries create a European Union-like entity that will give the region extra teeth in negotiations on global platforms.
18. Shaikh Rashid opens harbour in Jebel Ali
1982: The setting up of the Jebel Ali port in 1982 has a huge impact not only on the UAE's economy, but also on the region. Jebel Ali port and free zone is the biggest commercial gateway and logistics centre in the Gulf and one of the largest in the world. Based on its strength, its operator, DP World, later ventures into acquiring global port assets and becomes the fourth largest port operator in the world.
19.Dubai launches Emirates
October 25, 1985: The Dubai government launches Emirates airline with a mere $10 million and two leased aircraft. Twenty-three years later it has become the biggest Arab carrier with more than 120 aircraft in its fleet, spreading wings across six continents, connecting its hub Dubai to more than 100 cities.
20. Real estate market to foreign ownership
May 2002: The Dubai Government opens its land and real estate market to foreigners offering freehold and leasehold ownership in selected areas. The move helps the emirate attract billions of dollars into its property market that continues to fuel its economy. More than 20,000 families have already moved into their freehold homes and many more are awaiting their keys.
21. The Palm trilogy
May 2, 2001: Palm project unveiled. Jebel Ali Properties, later Nakheel, announces the Palm Jumeirah project - the world's first palm tree-shaped artificial island that is to host 30 hotels and more than 1,000 villas. Later, Nakheel announces the Palm Jebel Ali and the Palm Deira. Together, the Palm trilogy will add more than 1,000 kilometres to Dubai's coastline and provide opportunities to investors and developers.
22. Burj Dubai - the World's tallest tower
September 21, 2004: Work on Burj Dubai project begins. The world's tallest tower, which will be completed next year, achieves a number of milestones in the history of architecture and civil engineering. It is the only building that rises 160 floors and is expected to break the 700-metre height barrier.
23. Launch of the World
May 6, 2003: Nakheel stuns the world by announcing that it will recreate the world map in the form of 300 man-made islands in the Arabian Gulf in the shape of the continents - where investors will be able to develop properties for people to live.
24. Regional financial centres
2000s: Bahrain, Dubai and Qatar establishes three financial free zones - Bahrain Financial Harbour, Dubai International Financial Centre (DIFC) and Qatar Financial Centre respectively - where large international banking and financial institutions are expected to tap high liquidity to create economic opportunities for investors and the economies.
25. Largest greenfield airport
November 2005: The world's largest greenfield airport, which will have a capacity of 130 million passengers annually, launched The airport, part of the Dh110 billion Jebel Ali Airport City, will have six parallel runways, six concourses and two terminals, an international exhibition city, a commercial, logistics and aviation industry cluster as well as residential component.
26. Dubai launches urban rail network
October 2005: Scheduled to be operational in 2009, the Dubai Metro will be the region's first urban light rail system. Costing the government about Dh14.5 billion, Dubai Metro will inspire other growing metropolises in the Gulf to develop similar public transport systems that will reduce the use of cars.
27. Etihad orders205 jets
July 15, 2008: Etihad Airways, which is less than 5 years old, stuns the world with more than 200 aircraft orders at the Farnborough airshow. The move reflects the airline's plan to operate one of the largest fleets in the Middle East by 2015.
28.Dubai launches knowledge clusters
2000s: The Dubai Government announces the establishment of a knowledge cluster, Dubai Interneand Dubai Media City, later adding Dubai Studio City, Knowledge Village and the International Media Production Zone - to create a hub for future generations to develop skills and contribute to the region's economies. Today, more than 10,000 companies employ more than 25,000 professionals in the cluster.
29. Launch of crude oil futures at DME
June 1, 2008: The Dubai Mercantile Exchange (DME), a joint venture between Tatweer, a member of Dubai Holding, the New York Mercantile Exchange Inc. (Nymex), and the Oman Investment Fund (OIF), starts trading in Oman Sour Crude Futures Contract and two financially-settled futures contracts.
30. DP World buys P&O assets
March 2006: Dubai's DP World bids for British port and ferry operator Peninsular and Oriental Steam Navigation Company (P&O). It defeats rival bids and a lot of opposition to acquire the company in 2006 and become the world's third biggest port operator. In 2006-07 it sold off its US assets.
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