Dubai- the “city of gold”, All you need to know about one of the richest cities in the world

In this world, social media is everything and we can even say that the world is controlled and handled by social media. The world is now looking forward to finding the ‘Dubai model of economic development.

Dubai is regarded as one of the best cities in the United Arab Emirates. It is renowned for many different reasons, mainly for being one of the most luxurious cities, with ultra-modern buildings and architecture and, of course, the Burj Khalifa, the tallest building in the world. Before this economic revolution, things weren’t quite as luxurious. 

The emergence of the land was after the discovery of oil over 50 years ago. The pearl industry was the main source of income in the Trucial States, but it set the scene for something much larger later on. 

Dubai and Abu Dhabi clashed over their borders in the search for oil in the late 1950s, leading to many people moving out of Dubai to other places in the Gulf as the city struggled and Abu Dhabi thrived. In 1958, the ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, started investing in infrastructure and completed its first airport in 1960 from loans amounting to tens of billions of dollars.

The move away from oil led to a boost in tourism, and the little oil Dubai eventually discovered in 1966 went towards building the city we know today.

Dubai began shipping oil in 1969 and before gaining independence from Great Britain in 1971 when it became one of the UAE’s seven emirates

The city established its first free zone in 1985: Jafza, the Jebel Ali Free Zone, which at 52 square kilometers (20 square miles) is the largest in the world.

This became a big attraction for global businesses, which today take advantage of the emirate’s 30 free zones that offer tax breaks, custom duty benefits, and lack of restrictions for foreign owners.

The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminum, and cement.

In 45 years, the city has transformed itself from a local trading community into one of the most inspirational, exciting, and successful cities in the world, says Gulf Sotheby’s International Realty.

World-famous and largest things:

Dubai is a city that wants to be the best and biggest ever. The city always strives to add to its amazing list of architecture and attractions. The world’s top attractions reside here and there are almost 40 plus Guinness records for the land including the world’s tallest tower Burj Khalifa, the world’s highest infinity pool, world’s fastest roller coaster, world’s largest mall, the world’s tallest hotel, the world’s twistiest tower, world’s largest flower garden, etc. In the coming years, Dubai hopes to add even more exciting attractions to its impressive list.

Dubai has a thriving expat community

Thanks to its tolerance and openness towards different nationalities, cultures, and religions, the expat community in Dubai makes 80% of the total population and includes over 200 nationalities. With 44% of younger, millennial expats keen to purchase a home in the UAE (United Arab Emirates) within the next three years, demand is set to continue to be strong, says Gulf Sotheby’s International Realty.

Read also: To improve efficiency and to help cut down bus waiting times, Dubai launches new projects

A popular destination for tourists

Dubai is a booming tourist destination, within an eight-hour flight of two-thirds of the world’s population. Dubai aimed to attract 20 million visitors every year by the year 2020, which was double its 2012 figure. Although figures suffered during 2020 as a result of coronavirus travel restrictions, Dubai became a popular destination amongst internet influencers, undoubtedly attracted to the city’s luxurious nature. According to the Gulf Bureau of Statistics, the city is set to lead in the world of tourism and commerce by 2023.

Although many economies have suffered during the past year as a result of COVID-19, it’s predicted that Dubai will recover to pre-pandemic levels in 2022, with the gross domestic product (GDP) seeing 3.5% growth.

Some of the incredible projects that are expected to be completed in the next three years include:

  • The Dubai Water Canal Project
  • The Museum of the Future
  • The Jewel of the Creek
  • The Al Habtoor City
  • The Deira Islands
  • The MBR City – District One
  • The Aladdin City
  • The Dubai Frame
  • The Al Mamzar Beachfront
  • The Bluewaters Island with the Dubai Eye
  • The Dubai Creek Harbour

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