As seen on 60 Minutes Dubai Inc. reported by Steve Kroft. The Biggest Story in the World --- Dubai City - home of the world's largest construction site and one of the most amazing stories in our world today. Dubai (in Arabic: دبيّ‎, transliteration: dubaīy) can either refer to an emirate (one of seven) in the United Arab Emirates (UAE) in the eastern Arabian Peninsula, or that emirate's main city, sometimes called "Dubai city" to distinguish it from the emirate. The modern emirate of Dubai was created consequent with the formation of the United Arab Emirates in 1971. However, written accounts documenting the existence of the city have existed at least 150 years prior to the formation of the UAE. Dubai shares legal, political, military and economic functions with the other emirates within a federal framework, although each emirate has jurisdiction over some functions such as civic law enforcement and provision and upkeep of local facilities. Dubai has the largest population and is the second largest emirate by area, after Abu Dhabi. With Abu Dhabi, it is one of only two emirates to possess veto power over critical matters of national importance in the country's legislature. Dubai has been ruled by the Al Maktoum dynasty since 1833. The emirates' current ruler, Mohammed bin Rashid Al Maktoum, is also the Prime Minister and Vice President of the UAE. A majority of the emirate's revenues are from trade, manufacturing and financial services. Revenues from petroleum and natural gas contribute less than 6% (2006) of Dubai's US$ 37 billion economy (2005). Dubai has attracted world-wide attention through innovative real estate projects and sports events. This increased attention, coinciding with its emergence as a world business hub, has also highlighted human rights issues concerning its largely foreign workforce. While millions flock to Dubai annually, from an American perspective it's "the Middle East we don't know". Still surrounded in misunderstanding by so many in the US, the massively positive story of Dubai and Middle East 2.0 is the real story of change in the Gulf. It is a story of peaceful, constructive excellence and the pursuit of dreams. A story very much in line with true American values. Dubai is a city in the emirate of Dubai which is part of the United Arab Emirates or UAE in the Arabian Gulf. The UAE is part of the GCC, Gulf Cooperative Council, an economic group of nations along the lines of the European Union (EU). The GCC includes the United Arab Emirates, Oman, Qatar, Kuwait, Bahrain and Saudi Arabia. The growth in Dubai is representative of the growth in the region. While many in America associate the Arab world, the Middle East, the Gulf or sadly Islam and Muslims with terror and terrorism, war and violence, the real story of the Middle East is what is going on with construction, commerce, art, development and millions of people making a better life for themselves. There is clearly a big difference between the perceptions of Iraq or other areas in the region and reality. Some people tend to think that Iran, the UAE, Iraq, Afghanistan, Pakistan and Saudi Arabia are all the same - the region is as varied as the Americas. Richard Branson, Tiger Woods, Martha Stewart, Madonna and Donald Trump all have business ventures in Dubai. The area is known mostly for real estate but many other projects continue there daily.