Business and economy in Dubai

Posted by lbug
October 22, 2009

Business in Dubai

Although built on the back of oil revenues, 94% of Dubai’s revenue is now earned from other sources.

Trade, import-export and financial services now form the cornerstone of Dubai’s economy, with IT also becoming an increasingly important contributor.

The economy of Dubai

Dubai had been enjoying a decade long period of boom until the credit crunch caused by the collapse of sub-prime lending in the US started to impact worldwide.

Although the global recession hit Dubai hard, and despite the continuing financial troubles in other countries, Dubai has recovered well and looks set to continue its growth, albeit at not such an explosive rate.

In 2005 Dubai had a GDP of thirty seven billion US dollars and Dubai’s Financial Market has a market capitalisation value of approximately three hundred and sixty billion US dollars.

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