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 nation's 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.
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.
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 Jumeirah and The World are being created on man made islands and have caught the world's attention even though some of them are still under construction. Inside the city you will find the world's tallest skyscrapers and also Burj Aj-Arab, the world's 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.
Dubai's 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 Dubai's economic growth will surpass that of China, which is considered to be among the fastest growing economies today. China's current growth rate is 8.5% According to the DED Director General Mohammed Ali Alabbar, Dubai's 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 Dubai's economy was only $17 billion in 2000 the accumulated yearly growth of Dubai's 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 Dubai's 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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