Dubai is a city-state situated on the southeastern coast of the United Arab Emirates and is one of the seven emirates that make up that country. It has a population of just under 1.5 million people, making it the eighth most populous city in the world. Dubai was founded in the early 17th century by Sheikh Mohammed bin Rashid Al Maktoum, who led a band of fishermen and camel herders from the region beyond Fujairah to establish a trading post on what was then an island at the mouth of the Creek (now called Dubai Creek). By 1700, Dubai had grown into a major port, and by 1833, it had become the capital of the Emirate of Dubai. Although oil was discovered in 1924, Dubai did not develop as a drilling center until 1949. Oil revenues made Dubai one of the wealthiest cities in the world, and its influence extended beyond commerce to culture and politics. In 1971, Sheikh Zayed bin Sultan Al Nahyan became president of UAE and conferred on Dubai the status of a constitutional monarchy. In 2005, Sheikh Mohammed bin Rashid Al Maktoum died and was succeeded by his son Sheikh Khalifa bin Zayed Al Nahyan.