Sheikh Mohammed tells Dubai and Abu Dhabi doubters to shut up
In an unusually frank and forthright outburst, Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai and Prime Minister of the UAE, dismissed concerns of a rift between Abu Dhabi and Dubai and insisted that Dubai was well placed to recover from the global credit crunch. Dubai has been hit hard by the global recession [...]
A brief history of Dubai’s economy from the Gulf War to The Islands
The 1990 Gulf War had a huge impact on the city. Initially, the banks of Dubai suffered a massive withdrawal of funds due to political uncertainty in the region, but as the 90s progressed many businesses, first from Kuwait, during the Gulf War, and later from Bahrain, during the Shia unrest, relocated to Dubai. Dubai [...]
The changing economy of Dubai
When people think of the riches of the Arab nations they tend to think of only one thing – oil. 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 [...]
Buying property in Dubai
In some ways it could be said that at the moment Dubai is one giant building site, wherever you look ambitious mega-projects are in progress. However, because of the popularity of Dubai, and because it is one of the few places in the UAE where foreigners can actually buy land, property is still relatively expensive. [...]
Dubai Formula One theme park delayed due to lack of funding
News emerged today that the Formula One theme park set to open at the end of the year within Dubai Motor City has been postponed due to a lack of funding. The CEO of developers Union Properties said the unwillingness of banks to lend in the current economic climate had caused work on the $460 [...]