The changing economy of Dubai
When people think of the riches of the Arab nations they tend to think of only one thing – oil.
Dubai Stock Exchange
But the rulers of Dubai are well aware that their natural resources are finite and are making preparations for dealing with their inevitable exhaustion.
Once wholly reliant on oil revenues, Dubai’s economy has become increasingly diversified in recent years.
Gas and petroleum now only make up six percent of the 37 billion US dollar economy and the proportion will continue to diminish as Dubai prepares for the eventual exhaustion of its natural resources.
Due to its location, ambition and low costs, Dubai’s economy grew at a phenomenal rate. Many multinationals have already relocated there and the city continues to grow in importance as a business hub.
The rulers of Dubai are trying to establish the city as a world business hub with trade, manufacturing and financial services now forming the cornerstones of Dubai’s economy.
The city is also becoming well known for its ambitious real estate projects and top class holiday and leisure facilities.
Related posts:
- Business and economy in Dubai
- A brief history of Dubai’s economy from the Gulf War to The Islands
- A brief history of Dubai’s economy up to 1979
- Dubai government moves to stabilise economy
- GDP, import, export and oil bullets
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