From dust to one of the world's largest metropolitan cities, Dubai has come a long way. From tall buildings to gigantic shopping malls, from adventures to restaurants, from traditions to entertainment, Dubai has it all. The city didn't live on milk and honey until it got its first airport in the 1960s, after which Dubai began to take shape to become what we know today!
With its reputation as a brilliant and glamorous city, few people know that the city has become one of the world's leading hubs for logistics, financial services, trade and hospitality, making it the most desirable city in which to invest, live and work.This "fun-city" is made possible by Dubai's strong economy. We've put together some facts about Dubai's economy that most of you probably don't know!
Let's get started!
1. The city kept going!
Did you know that Dubai was one of the world's largest pearl producers before the arrival of Japanese pearls on the market in the 1900s? The pearl industry was the main driving force of the city before the discovery of oils in 1966. Dubai's economy depended mainly on small fishing villages and pearl diving. This 7000 year old tradition is not contributing to Dubai's economy in 2020, but it remains one of the legacies of this great city. The authentic pearls of Dubai are now only worn by the rich and affluent, as a mark of authenticity and elegance. It should be noted, however, that the government is making efforts for its return.
2. Not just oils!
Few people know this, but Dubai's economic situation does not depend on the oil sector as it used to be. However, the fact that this city has established its revenues and income from oil cannot be denied. The city produces 84,0000 barrels of crude oil per day. But this is not the only factor in its great success. Oil and natural gas contribute 5% to the GDP, which is much less than the contribution of other sectors such as tourism, which amounts to 20%. More than 90 percent of the city's revenues come from sectors such as real estate, financial services, manufacturing and construction. Considering that oil won't last forever, the government certainly hasn't thought about relying on oil forever!
3. The best location!
Dubai has the best location. Strategically located between developing Europe and Eastern culture, it has the best of both worlds! The city has 120 shipping lines and 85 airlines, making it a perfect hub for international trade.
4. Dubai's Markets
Dubai has a huge market with nearly 1.5 million people from America, Europe, Africa, the Middle East and Asia. The city's economy is growing at a phenomenal rate of nearly 11%. One of the main secrets of such a huge market is the location of the city. The diverse nature of Dubai's market also makes it a shopping center for people from all over the world. Not only are the elite shopping malls, but the local souks are also one of the largest minting locations for Dubai. In addition, the city produces a decent amount of raw materials and agricultural exports that contribute to the economy.
5. First-class infrastructure
Dubai's exclusive and opulent infrastructure contributes greatly to the city's economic situation. The government has worked day after day to build the city as it is. It is not only the Burj Khalifa that attracts tourists, Dubai's real estate also has an important contribution to the city's economy. Residential properties and buildings generate considerable income. That's why people invest so much in Dubai . The government has invested heavily in various sectors such as telecommunications, transportation and industrial infrastructure. One of the world's best business centers, utility systems, highway networks, artistic telecommunications resides in Dubai, making it one of the best cities to live in.Get Dubai visa and start your business in dubai.
6. The best political environment
A nation prospers under the best political conditions. If a place strives to overcome political tensions, how will it manage to focus on other important issues? Fortunately, the political situation is the most favorable for the prosperity of the city. The pro-development government has put in place flexible policies and protocols that allow investors and businessmen to flourish.
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