Business and economy in Dubai
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 [...]
GDP, import, export and oil bullets
Here are seven statistical factoids relating to import, export, oil and GDP : Dubai’s gross domestic product as of 2005 was 37 billion US dollars. Although Dubai’s economy was built on oil revenues, oil and natural gas now account for less than six percent of this figure. It is predicted that Dubai’s oil reserves will [...]
A brief history of Dubai’s economy up to 1979
Dubai’s close proximity to India made it an important trading location and it was already known in Europe from the sixteenth century for its pearling industry, but it was in the nineteenth century when the emir lowered trade taxes to lure foreign traders from neighbouring states that Dubai really began to grow in prominence. The [...]
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 [...]
Dubai and the UAE
On 2 December 1971 Dubai, Abu Dhabi and five other emirates formed the United Arab Emirates following Britain’s withdrawal from the Persian Gulf. In 1973, Dubai and the other emirates adopted a common currency, the UAE dirham. Dubai continued to grow from revenues generated by oil and trade, and the city saw an influx of [...]