Dubai is the first country in the United Arab Emirates that ventured away from oil as its main source of income. Today oil contributes only 6% of the nations GDP. Dubai has steadily and determinedly worked on transforming itself from an oil rich country into an important trade center and business port. It has done several things to attract western investors, both individuals and corporations, to set up shop there. Dubai is also the biggest banking and financial market in that area.
The Unseen Economic Potential and Problems in the Real Estate ::
File Format: PDF/Adobe Acrobat - View as HTMLrecommendation to Dubai government to fix the problems in order to maintain a. favorable economic condition in the Emirate. 1. INTRODUCTION. The real estate
http://sra.uaeu.ac.ae/CURA_2007/Proceedings/PDF/CBE/CURA_101.pdfHOME |
Dubai Real Estate Overview::
File Format: PDF/Adobe Acrobat - View as HTMLDubai Real Estate Overview. CollierS iNterNAtioNAl | MeNA reGioN. eCoNoMiC HiGHliGHtS. • Continued high regional liquidity due to sustained high energy
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Besides business, Dubai has also worked hard to attract tourists and continues to develop on the theme to provide increasing number of options in terms of accommodations and also activities. There are some truly stunning resorts that have been and are being built in Dubai to attract tourists and business visitors. There are specific zones free zones in the city that have been set up to attract specific industries. Many international conglomerates like IBM, Oracle, CNN, Reuters, and Microsoft have substantial presence in Dubai.
Will Dubai’s Real Estate Bubble Burst?::
Dubai has dwindling oil reserves of its own. The government is spearheading an ambitious economic diversification program with real estate,
http://www.arabnews.com/?page=6§ion=0&article=61271&d=29&m=3&y=2005HOME |
The Hindu Business Line : A new momentum to growing partnership::
Mar 26, 2007 Nearly 80 per cent of trade has been routed through Dubai. Recent media reports suggest that Nakheel, a leading real estate developer in
http://www.thehindubusinessline.com/bline/2007/03/26/stories/2007032603141500.htmHOME |
The Real Estate market in Dubai is flourishing due to the efforts of the government to diversify in the tourist and service industry. Huge projects like the Palm Jumerirah and The World are being created on manmade islands and have caught the worlds attention even though some of them are still under construction. Inside the city you will find the worlds tallest skyscrapers and also Burj Aj-Arab, the worlds tallest hotel. The Burj Dubai is currently under construction and once it is finished it will be the tallest building in the whole world. Another project underway covers a new business district and will comprise of 500 skyscrapers.
Dubais economy reported a 16% growth in 2005. According to the Dubai Department of Economic Development (DED) its estimated worth was around $37 billion back then. It is expected that Dubais economic growth will surpass that of China, which is considered to be among the fastest growing economies today. Chinas current growth rate is 8.5% According to the DED Director General Mohammed Ali Alabbar, Dubais economy is quite sustainable in the long run. He stated that the business friendly government policies will help to keep the economy growing at a steady pace.
Considering that Dubais economy was only $17 billion in 2000 the accumulated yearly growth of Dubais economy is the highest in the world for the last decade. Mr. Alabbar also pointed out that this growth was a direct result of the government decision to diversify the economy and move it away from reliance on the oil industry.
In 2005 the non-oil industries in Dubai contributed to nearly 94% of Dubais GDP. This is the clearest evidence that the government did the right thing by moving away from oil and focusing on other industries like business, tourism, hospitality, and others. For the past few years the economy of Dubai has shown some truly remarkable growth patterns and the continuing focus of the government on making newer policies in the same vein is going to ensure that the growth does not slow down any time soon.
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Dubai Economy Growing Through Real Estate