Dubai

No other city in the world attracts now both tourists and investors as this one. The city of Lights, as its incredible skyline stands above everything else, a city where you can see gilded cars, or even wild animals carried out as domestic ones, where everything is possible.

What we see now at a first glance is very different from what it was only a little more than two decades ago, where there only was an endless expanse of sand, and where now it stands out the world’s most exciting city. 

Let’s try to understand what’s behind the meteoric rise to fame of this incredible city. In 1966, around the actual urban site, it was discovered oil, but, although the discovery of black gold was considered a real cure-all, the main source of income was (and still is) commerce. In 1990 Sheikh Rashid died and his son succeeded and wisely continued the family politics, by investing huge amount of money in commerce and new-born tourism. It was around 1991 that the until-that-period almost-uninhabited area began transforming itself in concentration of wealth. Golf courses, top class hotels saw the light in very few years, together with great real estate investments.

Hospitals and clinics, under Department of Health, and roads highways were built, managed by the Roads and Transport Authority (RTA).

For the benefit and wellbeing of the population, instruction has been granted to all levels, including an American University . So that the city completely changed its façade in a matter of (very) short time.

Dubai Industry 

Incomes from oil were constantly reinvested in new structures. Nowadays oil represents about only 5% of total income, and, even if it still plays an important part of the country’s wealth, Dubai has made large efforts to diversify. As a result, where construction runs about 12%, real estate 10%, transport and communications 12%, manufacturing 13%, and, most importantly, other income (tourism and financial services) make a great 50%.

Today the 828-metre (2,717 ft) Burj Khalifa stands as the tallest building in the world since 1998, and a new one from Emaar Properties will see the light within 2020, in time for Dubai World Expo, as the world’s tallest building ever built. Project by Spanish architect Santiago Calatrava Valls.

Toursim

At present, Dubai counts about 2’459.000 inhabitants (January 2016) and every year it attracts millions of tourists, for its sandy beaches, but also for the nightlife, which makes of it more an international than an Arabic city. Manycelebrities alsohave their holiday homes here. Companies are interested in its strategic position for Middle  East markets. New ambitious real estate projects are in progress and promise a quality of life according to the highest international standards.

Infrastructure 

Dubai South is the most ambitious, due for 2021, together with Burj 2020 district, Dubai Meydan One, who will welcome more than a million people.

Also great projects include the new Al Maktoum airport, whose goal is to become the world’s greatest airport with an annual capacity of 200 million passengers and airport runway to move a hundred of A380 airplanes (total investments are estimated around 32 billion dollars). 

Al Maktoum City , whichwill include the world’s biggest shopping center , hotels and extra luxury villas, an artificial lagoon , and a park wider than London’s Hyde park. This investment is due for 2019 as a ten-billion dollar project.

This are the premises to convince businessmen and investors, according to the national agency of foreign investments. Further to traditional sectors, logistics, retail and tourism, other opportunities will open to the so-known creative economy, including a cluster for design and fashion, but also focusing on green economy.

Above all this, stands the ruling family Al Maktoum in the person of Mohammed Bin Rashid Al Maktoum, known as Sheikh Mohammed, the enlightened Emir of Dubai, also Vice President and Prime Minister of the United Arab Emirates (UAE). It will happen to meet him in the metro, or to be offered from him coffee in the desert. This is the city where the future is already now.

Welcome to Dubai.

Article Authored by Sonia Russo  

Ref : (Source : MF INTERNATIONAL – Feb. 2016)