The economy of Dubai basked in the glorious sunshine of financial benefits from its Oil reserves during the period of 1960-1990. Dubai Economy was mainly based on the foundation of its Oil industry but during 1980s, the rulers of Dubai realized that their Oil wells would dry out by the early years of next century. This resulted into the transformation of Dubai Economy-from an emirate dependent on its oil revenue to the most rapidly growing financial magnet of the 21st century, gaining prominence across the globe.
For the transformation of the economy of Dubai, its policy makers shifted their focus to develop other sectors like real-estate, financial services, free trade zones, tourism and sea-trading. The government of Dubai liberalized its economic policies and emphasized in making Dubai a free market place. As a result, Dubai attracted attention from the business communities across the globe. Today, the economy of Dubai which is also the largest & the most populous emirate of United Arab Emirates (UAE) has turned itself into a centre of financial activities of the Middle East with the rest of the world.
Dubai Real Estate & Property Sector
Supported by the business friendly policies, Dubai real-estate market boomed like never before. The government of Dubai city developed the infrastructure facilities of transportation, tele-communication and servicing to attract business & tourist visitors. The real estate and property sector of Dubai is now thriving so well and has become home to some of the world's largest conglomerates. In its endeavour to make a free market place Dubai government has set up several industry specific free trade zones like Dubai Internet City and Dubai Media City which houses big IT companies like EMC Corporation, Oracle, Microsoft, IBM and media organizations like Reuters, BBC, CNN, Associated Press (AP) and ARY.
Huge investments by the big names of real estate world has opened new avenues for the construction sector of Dubai. Today Dubai has become a city of eye-catching constructions like shopping malls, sky scrapers, marinas, man-made islands, housing complexes and institutional places and some of them are counted amongst the world's tallest and largest structures. Jebel Ali Port which was made in year 1977 boasts of the world's largest man made harbour, Burj-Al-Arab, constructed between 1994-99 is the world's tallest and most expensive hotel, Dubai Burj is the world's tallest man-made construction even prior to its completion. The facts and figures speaks clearly about the healthy state of the Dubai's economy. Consider this, the business, services, hospitality, tourism, real-estate like many other sectors have collectively contributed about 90% in the Gross Domestic Product (GDP) of Dubai.
Key Facts & Figures of Dubai Economy
Dubai's economy is at present non-reliant on its oil industry and this sector contributes only 6% to the GDP.
Property market boom has seen a remarkable growth in hotels constructions @
It is expected that by 2010, there will be nearly 15 million visitors to Dubai and the figure may touch 40 million mark by 2015
The currency of Dubai is Emirati Dirham which has an exchange rate of 3.67Dirhams to 1 US Dollar.
Real Estate and Construction (22%), Trade (31%) and the Financial Services (11%) are the biggest contributors to Dubai's GDP.
According to the Dubai Department of Economic Development (DED), Dubai's economy reported a 16% growth in 2005.