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Page 50 text:
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Page 49 text:
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Port Visit RUB HISTORY Aruba was drscovered in 1499 by the Spaniard Alonso de Oieda Throughout the swashbuckling colonial era that followed the island had 1fS share of visits by pirates and buccaneers In 1636 near the culmination of the 80 Year War between Spam and Holland the Dutch took possession There was an interregnum from 1805 to 1816 during the Napoleonic Wars and the English assumed control In 1816 the Dutch returned In 1824 the greatest treasure of all was discovered gold' Now Aruba had its first industry and the mines yielded more than three million pounds until it became uneconomrc and was discontinued in 1913 But it was black gold that brought real prosperity. 1924 was probably the most important year in the island s history Two Oll refineries were built' the Eagle O11 Refinery on the west side of the island, and the Lago Oil 8: Transport Company on the east side of the island. The next industry to bring further Pf0Sperity was tourism. Cruise ships were the main source of visitors until 1959 when the frrst luxury hotel was opened Over the years 27 additional hotels were built and tourlsm and the refinery were the backbone of the island s economy During the 1950 s the Eagle O11 Company was dismantled and ceased to exist On March 31 1985 Exxon closed the refinery due to reduced worldwide demand for o1l and over supply of refining capacity Aruba IS seeking new approaches for the de velopment and diversification of its economy After 1986 the government has emphasized on the tourism industry and has tnpled the amount of hotel rooms In the last years Aruba s tourism has shown a constant increase. OnApr1120 1991 the Coastal Oil Company reopened the refinery. Coupled with the booming tourism industry it provides Aruba with one of the highest standards of living in the Caribbean- A variety of attractive fiscal incentives are offered to encourage the establishment of new industrial enterprises, tourism prOjGC'fS and offshore companies. ll l ll N 122 AIT. 1 33.1 Ll
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Page 51 text:
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