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The earliest recorded reference of Dubai is in the Book of Geography by Abu Abdullah Al Bakri. The area had a flourishing pearl trade and was visited by the Venetian pearl merchant Gaspero Balbi in 1580. Dubai was established as a fishing village and was inhabited by the Baniya Tribe, and was under the rule of the Sheikh of Abu Dhabi. After the Great Depression of the 1930s, the pearl industry dwindled and the then ruler of the emirate switched the economy to trading industry. The discovery of oil deposits off the coast of Dubai boosted the emirate?s finance. Today, the city is the hub of many foreign trading communities and is one of the most sought-after travel destinations in the world.