The UAE Economy: Real Estate and Financial Services
Dubai learned very early to innovate and adapt to difficult times. From its humble beginnings with the pearls trade in the nineteenth and twentieth centuries to the gold market in the 1950s that led to the city getting known as the “City of Gold.”
Dubai, which has significantly less oil reserves than Abu Dhabi and other emirates, was more daring in its diversification strategy to entice foreign corporations to establish Middle East and even global headquarters in the city.
With a few of the most opulent hotels in the world having their headquarters there, tourism is among the UAE’s largest non-oil revenue sources.
The UAE is diversifying its economy with the aid of a large construction boom, an expanded manufacturing base, and a booming services sector. There are now active construction projects worth an estimated US $350 billion nationwide. The main government-owned developers have taken the lead in Dubai’s real estate market by building massive master-planned commercial and residential developments.
One of the main non-oil revenue sources for the UAE is tourism, which is home to some of the most lavish hotels in the world. The UAE is broadening its GDP with the help of a significant increase in building, an enlarged knowledge of the industry, and a thriving services industry.
Currently, there are countrywide ongoing infrastructure projects worth approximately $350 billion US. By creating huge master-planned residential and commercial buildings, the major government-owned developers have assumed the top position in Dubai’s real estate market.
The main government-owned developers have taken the lead in Dubai’s real estate market by building massive master-planned commercial and residential developments.
EMAAR, Dubai Properties, Nakheel, and Meraas are significant players who compete to keep the bar for innovation and quality raised. Dubai has leveraged real estate development to market itself as a major international tourist and commercial destination, creating everything from man-made islands to the highest building and the only seven-star hotel.
Another notable economic powerhouse in the Middle East, Africa, and South Asia (MEASA) area and a top ten international financial centre is Dubai International Financial Centre (DIFC), which is located in Dubai.
A wide number of service industries have their own free zones, which encourage both new and established enterprises to operate in safe, creative, and tax-free conditions. Dubai Media City, Knowledge Village, and Dubai Internet City are three of the more well-known free zones. These centres give the local business community the best chances for success because they are close by and in the centre of “new Dubai.”
Trade between the area and beyond is made possible by the gateway hub of Jebel Ali Port. It serves as a crucial link in the global economic network, linking North Africa, the Mideast, and South Asia with eastern and western markets. It is the biggest seaport in the Mideast and one of the top ten container ports in the world, serving as DP World’s flagship.