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On his third trip to America, Christopher Columbus arrived at the Paria peninsula in 1498, which he initially considered an island. Venezuela was explored by Alonso de Ojeda in 1499, who named the country for its similarity to Venice. The first Venezuelan city, Santa Cruz, was founded by Ojeda in 1502. The country was initially divided into jurisdictions, with a focus on pearl fishing. Colonization began with Cumaná in 1523. In 1528, Venezuela was granted to the German bankers Fugger, returning to the crown in 1546. The province of Trinidad was separated in 1591, and the islands were lost to the Dutch. In the 18th century, there were economic and cultural changes, including the creation of the Royal and Pontifical University of Caracas. The Companhia Guipuzcoana de Caracas monopolized trade, but was dissolved in the 1780s. The country joined the viceroyalty of New Granada in 1717.