2007-09-23 14:06:44 · 9 answers · asked by romeo d 1 in Travel ➔ Africa & Middle East ➔ United Arab Emirates
Please note that there is NO OIL in Dubai to make them that rich, you can find lot of oil in other places in United Arab Emirates, but Dubai is not an oil rich place. So back to the question. Why Dubai is a rich place? Because they have smart and Dynamic leaders who managed to attrach smart investors. Today, you can find tons of smart investments in Dubai and they doesn't depent at all on Oil. Maybe United Arab Emirates does depend on Oil, but not Dubai. Dubai depends on free trade and investments. The ratio between oil income and other incomes in Duabi is very low. So Dubai doesn't depend on oil.
2007-09-25 21:56:06 · answer #1 · answered by Yasso 2 · 3⤊ 1⤋
Why Is Dubai So Rich
2016-10-02 23:04:08 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It is true that Dubai's growth was previously backed by oil revenue but now it is only 3% of the total GDP. While the Natural gas is about 2%
The strength of Dubai is that Sheikh Mohammad had very cleverly turned a 60km desert which no one knew 30 years ago into a real estate / business / trading paradise.
The geographical location (in center of world's map with Europe / US on west , Africa on south, Asia on east) makes it a thriving place for local representation of businesses. (like Microsoft / IBM etc).
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 2004–2006. Large scale real estate development projects, undertaken by firms such as Emaar Properties, have led to the construction of some of the tallest skyscrapers in the world such as the Emirates Towers, the Pentominium and the world's tallest hotel, the Burj Al Arab.
Freezones (for 100% foreign ownership), No personal / coorporate tax has augmented the world's interest in UAE / Dubai.
The government is very cooperative and friendly.
Many positive points to list.
2007-09-24 04:11:37 · answer #3 · answered by Nishad 1 · 6⤊ 1⤋
Yasso is right there is no oil in Dubai.......Dubai is rich because the rulers here are basically from very well to do business families who work to enhance the country and grow the business.......they know what it requires to attract investment and retain the funds within the UAE
2007-09-25 23:14:07 · answer #4 · answered by KG 3 · 3⤊ 1⤋
Oil, and the royal family's progressive stance and open mind. They know their oil reserves will dry up soon, so they've got to get their investments in all the right places (meaning, within the country) and the only way they can do that is by attracting foreign investors and not scaring them off with Wahhabi ideals, e.g., Saudi Arabia.
2007-09-23 15:12:07 · answer #5 · answered by LG M 2 · 2⤊ 3⤋
Because of foreign investment (American, European & Asian) and creating a shameless hideway where rich Muslims can have normal fun being incognito!
FACT, FACT
2007-09-23 14:15:56 · answer #6 · answered by Anonymous · 0⤊ 3⤋
Oil.
2007-09-23 14:12:54 · answer #7 · answered by Iris the Librarian 4 · 2⤊ 6⤋
smart leaders ..
2007-09-24 09:38:26 · answer #8 · answered by anoooni 5 · 3⤊ 2⤋
Have you heard of something called oil?
2007-09-24 03:48:39 · answer #9 · answered by DH 2 · 1⤊ 8⤋
oil........smart investments.......and wealthy people
2007-09-23 14:10:54 · answer #10 · answered by evanlah 6 · 2⤊ 4⤋