City Of FutureFew modern cities can compare to Dubai - a land where the sands of the desert reveal the potential for one of the most significant international hubs of the 21st century. In this city, quality is not just a strategy. It is a style of working, living and thinking - contributing to the growth and success of a vibrant community.
Dubai's growth in the last decade has been phenomenal; and there are only signs of faster development, with massive real estate and leisure projects attracting international attention. The city has built an enviable infrastructure and earned a reputation for constantly reinventing itself, chalking out strategic plans for development.
Dubai is an international success story in terms of economic development; and a monument to modern architecture, being home to landmarks like the Burj Al Arab - the world’s only seven star hotel; and the two palm shaped islands considered the eighth wonder of the world. Over 45 mega development projects are currently underway here, including the Hydro polis, a hotel that will be built partially under the sea; and Dubailand, a new £3billion Disneyland style theme park.
Economy
Dubai's gross domestic product as of 2006 was US$46 billion. Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 3% of the emirate's revenues. It is estimated that Dubai produces 240,000 barrels of oil a day and substantial quantities of gas from offshore fields. The emirate's share in UAE's gas revenues is about 2%.
Dubai is an important tourist destination and its port, Jebel Ali, constructed in the 1970s, has the largest man-made harbour in the world. Dubai is also increasingly developing as a hub for service industries such as IT and finance, with the establishment of a new Dubai International Financial Centre (DIFC). The government has set up industry-specific free zones throughout the city. Dubai Internet City, combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose members include IT firms such as EMC Corporation, Oracle Corporation, Microsoft, and IBM, and media organisations such as MBC, CNN, Reuters and AP.
Property
The government's decision to diversify from a trade-based but oil-reliant economy to one that is service and tourism-oriented has made real estate more valuable, resulting in the property appreciation from 2004. Large scale real estate development projects, undertaken by firms such as Damac Properties, have led to the construction of some of the tallest skyscrapers in the world, and luxuriously appointed residential and commercial units.
Recently, the Land Department set up the Real Estate Regulatory Authority (RERA) to regulate developers and safeguard consumers from errant parties, which is seen as a good move to protect the increasing numbers of overseas property investors. All developers are required to register with the RERA, provide documents and verifiable facts about their properties, and setup escrow accounts to protect consumers' money.
Financial Market
The Dubai Financial Market (DFM) was established in March 2000 as a secondary market for trading securities and bonds, both local and foreign. As of Q4 2006, its trading volume stood at about 400 billion shares worth US$ 95 billion. The DFM had a market capitalization of about US$ 87 billion.
