DUBAI : FINANCIAL CENTER
Dubai is one of the seven emirates of the United Arab Emirates. It is located south of the Persian Gulf coast on the arabian peninsula. The emirate of Dubai shares borders with Abu Dhabi in the south, Sharjah in the northeast, and the Sultanate of Oman in the southeast.
Dubai has the largestpopulation and the second land territory after Abu Dhabi. As you can see there is around 2,262,000 residents, covering an area of 4,114 km²(square kilometers), with a desity of 408,18/km2 (per square kilometers)
I. The Growth of Dubai
In the 1970s oil wealth turned the UAE from a desert kingdom to a modern metropolis, and its rulers took a keen interest in this development. Not forthem the idleness and corruption that afflicted some nations blest with oil wealth.
This amazing growth is evident in a look at the period following 1990 in which tremendous economic and demographic changes occurred within Dubai and the UAE.
Here are the principal causes of this growth :
The oil reserves : In fact Up until recently, oil has been a major contributorto Dubai's success, however it has been more of an economic springboard than a staple resource. This is so primarily to the limited oil reserves Dubai has in relation to other Emirates in the UAE such as Abu Dhabi.
The high rate of infrastructural development has helped facilitate and enable Dubai's growth. This is also indicated by the UAE's high volume of imported machinery,equipment and logistics hardware which according to the US Department of State amounted to near 70% of the UAE's imports. Additionally, the rise of numerous airports including Dubai International Airport,
The legal and regulatory structure of Dubai is the most international friendly of all the emirates. It changed its property ownership laws in 2004 to allow freehold property ownershipand allows large foreign corporations to own up to 100% of their corporation. Furthermore, Dubai's free trade zone attracted numerous large and established businesses such as fortune 500 companies due its 0% tax policy on capital gains, property, and income.
Tourism has also been an important part of Dubai's economic history and development. This is so as Dubai's economic mission wasto diversify its economy so that it wouldn't be dependent on any one resources or industry. Such being the case, Dubai's tourism constitutes more than two thirds of the UAE's national tourism industry and is spurred by hotel, leisure, entertainment and shopping venues.
There’s also property and developement : Dubai has made significant investments in its property sector. The country boastssome of the most magnificent skyscraper, such as the Burj Khalifa, the Burj Al Arab, the Emirates Towers and the Palm Islands and many more profound and highly evolved architectural structures captivated tourists and World watchers alike and a massive increase in residential and commercial real estate pointed to a fast expanding Nation-State.
That’s why Dubai's formula for development has beenvisionary leadership, high-quality infrastructure, an expatriate-friendly environment, zero tax on personal and corporate income and low import duties. The result was that Dubai has quickly become a business and tourism hub.
II.Dubai as a financial center
Dubai is actually the 44th best financial city in the world, as surveyed by City Mayors. The organization alsoranked Dubai in the 33rd position in the list of the richest cities in the world, as measured by purchasing power parity (PPP). The city is known as an international financial centre. The economy of Dubai stood at US$ 46 billion in 2006.
The economy of Dubai is one of the most unique and unusual in the world. As an entrepôt, duties and taxes are not imposed on imported goods. Dubai has...
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