Economy of Dubai
Many eyes of the world investors are increasingly looking towards Dubai. This city has grown at a very fast rate making its mark in the United Arabs Emirates world. The economy of Dubai has made it one of the places where major business people from all parts of the world want to make their center of operations.
In the past years, economy of Dubai was exclusively based on oil. However, things have changed today and Dubai dependent directly on 4 percent of GDP from oil only. Visitors and investors in this city are surprised by what the economy of this city has to offer. Perhaps, this can be attributed to the infrastructure of this city. Dubai has amazing airports, roads, hotels, residential areas and also attractions. According to economists in the city, Dubai is expected to spend about US$21 trillion in the next five years from 2014 in the GCC.
Due to the improvement of infrastructure, Dubai economy is now largely dependent on trade. According to a 2015 vision by the government, Dubai has a strategic plan that emphasizes on the importance of diversifying the economy. This is a major and strategic objective that will grow the economy of Dubai greatly.
Stakeholders in Dubai want to diversify the economy so that it can include more service and knowledge based operations. This will secure the position of this city as a leading business, financial and tourism hub. It is also expected that through diversification, the economy of Dubai will be a great player in real estate businesses.
The strategic objective of stakeholders in the Dubai economy includes sustaining 11 percent growth rate of the economy each year. This will enable the economy of Dubai to reach a gross domestic product of US$ 108 billion by 2015. It will also increase the real gross domestic product per capita to reach US$44,000 with more focus on transport, tourism, construction, financial services and trade.
This is possible considering that financial heavyweights such as big banks are starting their operations in Dubai. Despite the financial crisis that hit all parts of the world, Dubai’s strategic plan seems to be working well. Dubai has also become an important port for western manufacturers. Most financial and banking centers now have their headquarters in Dubai. This has enabled Dubai to maintain its significance as the main trade route since the 1970s.
Free gold trade in Dubai has also made it an important business hub for smuggling trade. Thus, this diversification makes Dubai to maintain a vibrant economy.
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