As much as I talk about traveling, I have yet to leave the country. This is sad for me to say because I am so intrigued by the world and all of the places I could have passionately traveled too throughout the past few years, besides good ole Ohio. With the amount of trips I have already planned for myself, I can proudly say I know what every paycheck is going to be devoted too for approximately the next ten years of my life. If you are wondering how I have all of these trips planned already, the answer is reading. A lot. I spend a lot of time reading on tourist spots and one location that never seems to hide itself is the elite emirate of Dubai. I did not even have to do any research to know that Dubai is currently the contemporary hot spot of luxurious travel.
Wealth. Luxury. Hospitality. Tourism. Shopping. Beaches. Clubs. Skyscrapers. These are all key elements of the lifestyle that the city of Dubai has shaped for its tourists and residents. Although I have never had the chance to visit Dubai, I can easily envision Lamborghini’s and Ferrari’s casually cruising around some of the tallest buildings in the world. I imagine shopping for items of great merit in the world’s largest mall and staying in five-star hotels that would take years of savings to afford.
The ability to easily visualize this setting made me wonder how the city became so rich.
1. Real Estate and construction
Although Dubai originally boomed from oil development, the economic growth of Dubai has been a large result of the revenue from real estate. Oil and gas only make up seven percent of the total revenue. For example, below is a picture of Burj Al Arab, an astonishing hotel with a killer view. Who wouldn’t want a reservation? For an average price of 24,000 a night you can stay in the lavish suite or maybe rejuvenate yourself with a one of a kind massage at the Talise Spa. It doesn’t take a lot of explanation to factor in how many tourists are attracted to hotels like this one.
Along with elegant hotels, many buildings in Dubai have been uniquely constructed. The well-known Burj Khalifa is stationed in Dubai and is the world’s tallest building. Dubai will only continue to add to the list of ambitious architectural projects.
After the Jebel Ali port opened, many foreign countries were invited into a tax free environment in support of the free trade zone. Many companies were targeted such as Microsoft, Oracle, Dell and Sony and have set up offices in Dubai Internet City. You can read more on http://articles.latimes.com/2007/may/08/business/fi-dubai8
3. Business and Finances
Dubai has extremely significant financial and service industries that will only continue to boost the economy. Dubai will proceed to build the infrastructure with efforts on promoting core sectors such as trade and tourism, according to an article by Wissam Moukahal who is a financial service industry leader. After the opening of the Internet City, global clients helped the businesses to leverage and a lot of investors were attracted to the tax free InfoTech hub. Foreign investors perceived this as an opportunity to invest their money, leading to the rising economy.
It’s important to think about why Dubai is basing an economy off tourism, real estate and business. Unlike its neighboring Abu Dhabi, Dubai does not have the reliance on oil because there is no access to the oil fields. Imagine the city of Dubai without the fancy hotels, restaurants and tourist attractions. What would financially support it?