History: from Pearl trade to Black Gold to Skyscrapers
Dubai has served as an important port for Gulf region for ages with trade, especially pearl trade as a mainstay of life for a significant part of its History. A watershed moment in the history of this city was settlement of members of Bani Yas Tribe under the leadership of Makhtoum family in 1833 which is generally deemed as foundation of Dubai. To further cement Dubai's position as a trading port, rulers of Dubai declared it duty-free port in the beginning of 20th century.
After several decades since the decline in pearl trade in 1930s, it was another commodity, the black gold that transformed the face of Dubai. Oil, the black gold, was discovered in Dubai in 1966 and the revenues stream from oil paced infrastructure development in Dubai. In 1971, Dubai along with five other Sheikhdoms formed and became the part of United Arab Emirates (UAE).
Dubai's rosy affair with Oil did not continue for long and by 1980, revenues from Oil dropped to all time low. This called for a strategic shift in Dubai's economy. Rulers of Dubai decided to utilize the strategic advantage they already had and start building the infrastructure to promote Dubai, once again as a Trading Hub and as Business and Tourism Center.
This is how Dubai, as we know today was built.Economy: exemplifying diversity
Rulers of Dubai were always aware that they cannot build a sustainable economy based on their limited oil reserves. Hence, they judiciously started diversifying their economy. Today the largest contributor to Dubai's GDP is "Wholesale, retail trade and repairing services" at 27.2%, followed by "Transportation, storage and communication" at 15.8%. "Real Estate and Business Services" and "Manufacturing" together contribute more than 25% of Dubai's GDP.
Today Dubai, is a top shopping destination where nationals, including famous celebrities, from all over the world come flocking to shop their favorite brands. Besides shopping malls, Dubai is a tourist magnet for its theme parks, real estate projects like Palm Island project and iconic buildings like Burj Khalifa, the tallest artificial structure in the world.Geography: The Expanding City
Dubai is located on the Persian Gulf and is the second largest emirate of Abu Dhabi. As like other Middle Eastern deserts, Dubai is arid with daytime temperature reaching scorching mid 400C in summer. Winters are more comfortable with an average daytime temperature of 250C which reduces to 12-150C in coastal areas.
One peculiar geographical aspect of Dubai is that the city is creating new architectural marvels for its expansion in both, the Persian Gulf, and the desert.Businesses in Dubai: the Trade Capital of Middle East
Liberal laws and taxes, great infrastructure and connectivity with the world created a conducive environment for talented professionals and big multinationals from different countries to come and work in Dubai. Such is the scale of immigration in Dubai that majority of its population is an expatriate. The booming business sectors of Dubai today are:
I) Travel and Tourism Industry:
This industry directly or indirectly supports nearly 9% of Dubai's total population and is likely to support more in future because of Dubai's growing popularity as a tourist destination.
ii) Real Estate and Infrastructure:
Real estate sector in Dubai is growing strongly with new projects being regularly announced. The government is also spending handsomely on infrastructure to support its burgeoning economy.
iii) Retail sector:
As mentioned above, this sector contributes more than any other sector in Dubai's GDP and is likely to grow strongly in future with increase in purchasing power, inflow of tourist and more multinationals in Dubai.
iv) Banking and financial sector:
Better integration of Dubai with the rest of the world and its excellent infrastructure has attracted global majors in banking and financial sectors to operate from Dubai.
v) IT sector:
Dubai Internet City (DIC) is the largest ICT hub in the Middle East and North Africa. It is a home for many software companies. It also has a glittering web designing industry with renowned experts offering web design in Dubai
Dubai, the epitome of globalization in the Middle East has come a long way and still has so much to offer.
About the Author:
Andy Gabriel is a highly experienced web designer and graphic designer, who works for a leading web design company and graphic design company.
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