The Dubai Magic (1)

Dubai's Remarkable Economic Transformation

Dubai Economy Dubai is an important tourist destination and its port (JebeL Ali) operates at the centre of the exporting trade in the Middle East. With the introduction of the Dubai International Financial Centre (DIFC) in 2004, it has allowed Dubai to develop as a global hub for service industries such as IT and finance. ....... Dubai is the second wealthiest emirate in the UAE, after Abu Dhabi which is the capital state. Most tourists believe Dubai’s revenues came primarily from oil but in fact it only used a moderate amount of oil reserves to generate the infrastructure for trade, manufacturing and tourism, in order to build up Dubai's economy. ........

About 95% of Dubai’s Gross Domestic Product is not oil-based. So far oil has accounted for less than one percent of Dubai’s GDP and tourism to produce 20% of the GDP. These figures explain why Dubai has had to become a more dynamic and diversified economy in order to survive the decay of fossil fuels.

......... In the early 1990’s there were only a handful of hotels available for tourists and Dubai never had high oil revenues like Abu Dhabi so something had to change. The Burj Al Project in 1994 (Burj Al Arab Hotel) gave hope to the economy, as a long term strategy, an ambition to become the world’s top tourist destination. ......... Dubai is an international IT hub that serves service industries such as Finance and IT. Dubai Internet City, along with Dubai Media City forms the TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority), which is an enclave who houses well-known IT firms such as EMC Corporation, Microsoft, Hewlett-Packard, Dell, Oracle Corporation and IBM, and media organisations such as BBC, MBC, CNN, Reuters and Sky News. ...... With an amazing growth rate of 6.1% in 2014, Dubai has again became one of the fastest growing economies in the world. ......

By 2014, Dubai’s largest trading partner was identified to be China followed by India and United States.

......... Based on its air traffic in 2013, Dubai was the 7th most visited countries in the world and it is being expected that Dubai will accommodate more than 15 million visitors by 2016. Dubai has also surfaced as the shopping capital of the Middle East, thanks to its diverse souks and innumerable shopping centres. Dubai is aptly referred to as the ‘City of gold’, as the city houses nearly 250 gold shops. ..........

Dubai has won the bid to host the most awaited Expo 2020, which will give an amazing boost to its economy, and is expected to create over 270,000 jobs.

Here's how Dubai transformed from a fishing village to a global real estate hub The city trails only New York and Shanghai for the number of buildings taller than 150 meters. ........ Dubai’s transformation from a fishing village to a global real estate hub has been nothing short of remarkable. From having the world’s tallest building to man-made islands in the shape of a world map, the U.A.E.’s most populous city has never shied away from ambitious construction projects........ Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, summed up the ambition of his people in a quote: "Dubai will never settle for anything less than first place." .......... Indeed, the city’s economic growth has been nearly unparalleled over the past two decades. Unlike neighboring emirates, Dubai had a modest supply of oil and knew that diversifying their economy would be vital for future success........ In 2002, reforms allowed foreigners to own real estate and that industry boomed overnight. Today, oil accounts for a minuscule 1% of Dubai’s GDP. ........... World’s tallest building – Burj Khalifa ..... World’s tallest hotel – JW Marriott Marquis Hotel....... World’s largest shopping center – Dubai Mall ....... World’s largest indoor theme park – IMG Worlds of Adventure ....... World’s Busiest Airport (International Travelers) – Dubai International Airport ......... World’s longest fully automated metro network – Dubai Metro ...........For a city of only 3.0 million people, Dubai has a remarkable number of skyscrapers. In fact, the city trails only New York and Shanghai for the number of buildings taller than 150m (492ft). ......... during the period of 2007–2014 Dubai essentially kept pace with high-rise development in the United States as a whole. (Dubai’s population is 0.9% the size of the United States.) ...........

In 2009, headlines around the world proclaimed that Dubai’s real estate bubble had finally burst.

........ Going into 2017, there were 11,600 active projects worth over $800 billion. As well, Expo 2020 is expected to add fuel to the twin engines of Dubai’s economy: real estate development and tourism. .......... With the U.A.E. set to further relax foreign ownership roles, the city’s economic prospects remain as sunny as its weather forecast.