Dubai's Amazing Economy

The economic changes that have transformed Dubai into the city it is today. Dubai is the second richest emirate in the UAE after Abu Dhabi, which is the capital of the state. The city is an important trade and tourist center, and its port (Jebel Ali) is the center of export trade in the Middle East. With the opening of the Dubai International Financial Center (DIFC) in 2004, Dubai has become a global hub for services industries such as IT and finance.
Most tourists believe that Dubai's income comes mainly from oil, but only a small amount of oil reserves have been used to create the necessary infrastructure for trade, production and tourism to build Dubai's economy. Most of Dubai's GDP (over 95%) is not related to oil. So far, oil accounted for less than 1% of Dubai's GDP, while tourism accounted for 20% of GDP. These figures explain why Dubai has become a more dynamic and diversified economy to survive the decline in fossil fuel use.
In the early 1990s, only a few hotels were available to tourists, and Dubai had never had such high oil revenues as Abu Dhabi, so something had to change. The Burj Al project in 1994 (Burj Al Arab Hotel) gave hope to the economy as a long-term strategy, striving to become the best tourist destination in the world. As one of the favorite travel destinations in the UAE, Dubai has experienced huge changes in its economy over the past 50 years or so.
Some of the major investments in Dubai have been heavily affected by the recession that hit the global market in the recent past. Despite the fact that Dubai's economy was built on the basis of the oil industry, most of the city's banking and financial centers with headquarters in the port area and the service sector were severely affected as the Dubai real estate market faced a severe recession in 2008-2009 as a result of the global economic slowdown. As a result, most of his current projects were affected, as well as jobs for expatriates. In addition, it became known that Emaar has loans worth about $ 70 billion, and the state of Dubai has an additional $ 10 billion, while real estate assets are estimated at $ 350 billion.
Dubai has also established itself as an international technology hub serving industries such as finance and information technology. Dubai Internet City together with Dubai Media City form TECOM (Office of Dubai Technology, E-Commerce and Media Free Zone), which is an enclave in which well-known IT firms such as EMC Corporation, Microsoft, Hewlett-Packard, Dell, Oracle are located. Corporation and IBM, as well as media organizations such as the BBC, MBC, CNN, Reuters and Sky News.
With a promising growth rate of 6.1% in 2014, Dubai is on track to become one of the fastest growing economies in the Middle East. Dubai has excellent trade relations with many countries. By 2014, China was recognized as Dubai's largest trading partner, followed by India and the United States.
Recently, tourism has become an important driver of GDP. In 2018, Dubai received 15.93 million visitors, retaining its fourth place among the most popular destinations in the world. Dubai has also become the commercial capital of the Middle East due to its diverse markets, more than 100 malls and countless shopping malls. Dubai is rightfully called the "City of Gold", as there are about 250 gold shops in the city.
Dubai has won the tender to host the most anticipated Expo 2020, which will give a tremendous boost to its economy and is expected to create more than 270,000 jobs.

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