How did Dubai become so rich?
Dubai is a city found in the United Arab Emirates in the emirate of Dubai.
So How did Dubai become so rich?? Here are the main reasons:
Initially its economical wealth came from oil production that resulted in a modern culture of economic development.
The biggest revenues currently contributing to Dubai’s riches are from real estate, tourism and finance. One of the most expensive hotels in the world is found in Dubai, the Burj Al Arab.
The government recognised that its oil reserves will not last forever and so they adopted projects to help maintain Dubai’s economy and growth.
The original sprouts indeed came from the profits of oil produce but there are no additional industrial streams that play a major and even bigger role in Dubai’s wealth.
Thanks to the development of world famous structures and innovations, Dubai has become a popular tourist spot.
Dubai is one of the finest cities in the UAE but is also one of the most expensive in the world.
The oil and gas industry only makes up about 7% of the total revenue of the emirate of Dubai. In 20 years Dubai’s oil reserves will run out.
The industry of real estate and structure (construction) is one of the largest revenue producing industries in Dubai, contributing more than 22.6% of total revenue, followed by trade at around 16%. The finance servicing industry contributes 11% towards the economic wealth of Dubai.
Apart from the expensive status of Dubai’s city, it is a shopping capital for many shopping enthusiasts, which creates economy strength. Dubai is considered to be a “rich” city, which naturally attracts “rich” people. Dubai is home to the world’s largest shopping mall called “Dubai Mall (as of 2013).
In 2010 Dubai was ranked in the top 10 most visited cities on Earth.