Located in the eastern part of the Arabian Peninsula on the coast of the Persian Gulf, Dubai aims to be the business hub of Western Asia. It is also a major global transport hub for passengers and cargo. Oil revenue helped accelerate the development of the city, which was already a major mercantile hub. A centre for regional and international trade since the early 20th century, Dubai's economy relies on revenues from trade, tourism, aviation, real estate, and financial services. Oil production contributed to less than 1 percent of the emirate's GDP in 2018. According to government data, the population of Dubai is estimated at around 3,400,800 as of 8 September 2020.