The Dubai Magic (3)

Dubai's Remarkable Economic Transformation
The Dubai Magic (1)
The Dubai Magic (2)

Dubai – the future business capital of the world? Dubai has emerged as a leading global hub for financial services, logistics, hospitality and trade ....... A major event planned for 2020 is a six-month-long exhibition of trade, innovation and products from around the world. Expo 2020 Dubai, is expected to attract 25 million visitors to the city, with 70% of visitors coming from outside the UAE. ........ “Human ingenuity” has always been key to Dubai’s success. ....... Dubai has consistently recognised that embracing exciting new developments and opportunities is essential in creating a strong dynamic centre. ........ 3000 BC The first human settlement in Dubai ........ 1930 Dubai becomes a successful port, with a population of nearly 20,000, and is already popular with expats ......... 1966 Oil is discovered in the Dubai region, with revenue from oil exports is used to finance major investment in transport links and establish schools, hospitals and telecommunications networks ......... 1971 Dubai, along with Abu Dhabi, Ajman, Fujayrah, Sharjah and Umm al Quwain gain independence from Great Britain and form the United Arab Emirates. Dubai International Airport officially opens ...... 1999 The world’s only seven-star hotel, Burj Al-Arab opens .......... 2017/18 Dubai becomes one of the world’s top five centres for trade, logistics, finance and tourism, and the Capital of Islamic Economy ......... A background of economic and political stability has provided the foundation for Dubai’s continued progress as a leading centre for trade, logistics, finance and tourism. Its future is looking bright, as it moves away from the region’s dependency on oil to a more diverse economic make-up. ........ the transformation of the economy accelerated as oil surged to a record $147 a barrel in 2008, but continued in the aftermath of the financial crisis when oil plummeted to a low of $26 in 2016. .........

its aim to become the “most business-friendly city in the world”

........ Boosting its position as a leading financial centre .......... plans to accelerate the transition towards a knowledge economy by allocating 8% of the total government spend to develop performance and establish a culture of excellence and innovation, particularly in cutting-edge technology such as nanotechnology and the Internet of Things......... technology is expected to increasingly impact the workplace with more flexible working patterns and collaboration......... Dubai is bringing businesses closer to the world’s fastest-emerging markets

Dubai culture and lifestyle: what to expect Modern Dubai is a multicultural and diverse city, that has developed rapidly since its origins as a fishing and trading port in the early 1900s.......... By the 1930s, Dubai’s popularity was growing, with immigrants making up around one-quarter of the population. ......... 2021 Dubai Plan, which focuses on six key areas: its people, society, experience, place, economy and government – to make Dubai the best city it can be. .........

Today’s Dubai is a fusion of more than 200 nationalities – with Emiratis making up only around 10% of the population of 9.5 million. Individuals pay no income, property or capital gains tax, which makes it an attractive financial proposition for many expats.

....... The hottest months are between June and September, when temperatures average 45C. A cooler 24-25C is usual in January and February....... "When it comes to socialising, such as experiencing the local nightlife, there is little difference to Europe." ......... “It’s an extremely safe place, with a zero-tolerance approach to bad behavior and crime. As long as you stay respectful to the city and its modern, Middle Eastern traditions, this is one of the best places to live.” ......... “The culture today has a deep respect for religion, time with family, and intangible heritage like poetry, storytelling and falconry; it can be tricky to navigate on your own. At the Sheikh Mohammed Centre for Cultural Understanding in Dubai you can learn about local customs at special events. Modest dress and a few words in Arabic open a lot of doors and make it easier for others to approach you.”........ “However, if you have legal problems – consumer rights issues or tenancy disputes – there may seem to be very little redress.” ........ The court system operates in Arabic ..... Understanding the laws – most of which are in Arabic – and finding a good lawyer and/or translator is essential for those involved in a court case. ....... “It’s easy to spend all your earnings. .......... Most apartment blocks and compounds popular with expatriates have gyms and swimming pools exclusively for residents. ........

The working week in Dubai runs from Sunday to Thursday

....... Dubai is seen as the top city in which to live in the Middle East and North Africa. ......... Expats need to be aware of Dubai’s cultural and religious norms – and an increasing cost of living – but they will be rewarded with a diverse and welcoming place to live and work.

The Dubai Magic (2)

Dubai's Remarkable Economic Transformation
The Dubai Magic (1)

Shanghai has the skyscrapers and the highways and the metro of New York City. In fact, it has surpassed NYC on all of those fronts, perhaps. Shanghai has a bullet train, NYC does not. But Shanghai does not have NYC's cultural diversity. That is where Dubai has surpassed even NYC. More than 80% of the residents in Dubai are from outside. That is quite a ratio. Not only that, it is a major tourist destination.

When you step inside a bank, it feels different from the street you were walking on. All of Dubai feels like one big bank. The architecture of the city is breathtaking. Dubai is ready for take-off. It can be home to the next generation of financial services. If the current crop of financial services are computers, the next generation of financial services are as different as the Internet has been from pre-Internet computers. We are talking of something fundamentally different.

I intend to play a role.

Dubai's the Very Model of a Modern Mideast Economy Saudi Arabia is trying to reduce its dependence on oil. A neighbor has already done it......... For more than 100 years, the Middle East has been defined by oil exploration, production and its boundaries. Now the region is getting repurposed by its aspiration to grow beyond fossil fuel. The shake-up in Saudi Arabia's royal family was as much about becoming a 21st-century economy as it was about rooting out corruption. ........

None of the region's petrostates has moved further from its oilfield roots than Dubai, which has been diversifying its economy since the 1970s.

The result is a thriving gateway to globalization with a superior economic outlook. .......... The most populous of the seven United Arab Emirates and home to more than 200 nationalities .......

Situated within eight flying hours of two-thirds of the world's population, Dubai has the region's busiest international airport

measured in total passengers and fourth-largest airline based on revenue per passenger kilometer....... The relentless commitment to infrastructure development turned Dubai into the Mideast hub for finance, information technology, real estate, shipping and even flowers........

Oil production, which once accounted for 50 percent of Dubai's gross domestic product, contributes less than 1 percent to GDP today.

........... Energy officials in 2016 said renewable energy will account for 25 percent of the emirate's needs in 12 years. Sheikh Mohammad Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, a year ago said that the renewable percentage will rise to 44 percent by 2050. ......... Even as oil prices declined 50 percent in 2014, construction continued unabated for Expo 2020, which aims to showcase "opportunity, mobility and sustainability" with a specific focus on education, financial capital, logistics, natural ecosystems and biodiversity, among other themes. .......... With oil down 37 percent since 2013, the Dubai stock market is up 155 percent and real estate firms are 135 percent more valuable ........ Since 2003, the seven companies that make up the real estate and construction sector of the index produced a 789 percent total return (income plus appreciation), beating the benchmark's 417 percent as well as the 250 percent return for the 242-member Bloomberg World Real Estate Index. No other market in the Persian Gulf comes close to replicating the performance of Dubai real estate. .......... Dubai now is poised to be the growth leader among the six countries in the Gulf Cooperation Council, with GDP expanding 3 percent or more this year and in 2019