Dubai economy
Dubai enjoys a dynamic and diversified economy. While oil has been crucial to Dubai’s development since the late 1960s, the non-oil sector currently contributes some 90% of total gross domestic product and is continuing to expand in importance. Manufacturing, transport, tourism and finance have shown steady strength , helping to create a well balanced and diversified economy. However, trade remains the lifeblood of Dubai’s business life, as it has for generations.
This long trading tradition, which earned Dubai the reputation within the Middle East as the city of merchants, remains an important consideration for foreign companies looking at opportunities in the region today. It’s open and liberal regulatory enviorment , the local business community's thorough familiarity with international commercial practices and the city’s cosmopolitan lifestyle have contributed greatly to attracting those companies.
As a regional business base, Dubai is strategically located midway between East and West. Its airport, is linked to more than 200 destinations via some 130 airlines and Dubai Ports Authority – the operator of Port Rashid and Jebel Ali Port – is unrivalled throughout the region in terms of both facilities and efficiency.
Dubai’s unprecedented growth over the past decade has helped to lay the foundation of what is today a highly diversified economy. Dubai’s continued vision is clearly evidenced by a series of developments that have been, or will be completed, in the tough economic environment. This September we saw the opening of Dubai Metro, and the world’s tallest tower – Burj Dubai – will open on 4 January 2010. From a leisure perspective next year will bring a plethora of new hotel openings, including a number on Palm Jumeirah, in addition to big-name hotel projects from Conrad, Ritz Carlton and Versace. And, Dubai’s highly developed infrastructure, strong transport and communications hub and regional financial centre will ensure it remains an attractive regional market.
During the last two decades Dubai has aimed to strengthen its economy by diversifying its industrial base. It has achieved this goal by establishing over 30 specialised free zones which attracted business and investment.
Dubai’s success has been largely attributed to its ability to adjust to changing circumstances. The optimistic view of financial experts is based on the strongly pro-business attitude of the government and the entrepreneurial skills of the largely expatriate population but also – and increasingly – on the emergence of neighboring countries as major new markets.
In an FT report Dubai has been ranked as the top FDI destination city in the world. The Dubai Strategic Plan 2015 was announced by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, UAE Prime Minister and Vice President, and Ruler of Dubai, on the 3rd of February, 2007. The Dubai Strategic Plan (DSP), launched under the theme “Dubai...Where The Future Begins”, sets out a strategic approach to develop the emirate’s most dynamic economic sectors.
Download the Dubai Strategic Plan 2015
