Dubai’s Economy

The whole world has noticed how rapidly Dubai has improved its economy and made its mark. The economy of Dubai has improved to such an extent that Dubai has been chosen by international leading businesspersons to set up their regional or worldwide-central base, and is now recognized internationally as a business hub.

In the past, Dubai’s economy was almost wholly based on oil. At present matters have changed, and Dubai’s depends on oil revenues for approximately 4% of its GDP. Today, visitors are astonished by Dubai’s thriving economy when visiting, since the entire region reveals the amount spent on infrastructure, such as the roads, airports, residential regions, hotels and attractions. The amount that will be spent over the following five years is estimated to amount to $21 trillion US dollars across the GCC, which the majority of the sum is destined for Dubai.

Dubai’s Economy in the Future

Today most of Dubai’seconomy is based on trade. According to the Dubai Strategic Plan, which Dubai’s government strives to achieve by 2015, the plan accentuates how diversification of the economy is the main strategic objective and intention. Consequently, Dubai is moving towards a more diversified economy based on a more knowledge and service economy, thus establishing its position as a pioneering tourism, financial and business, and real estate centre.

The main objectives include maintaining an 11% pa economic growth rate to reach a GDP of 108 billion US dollars by 2015 and to raise real GDP per capita to 44,000 US dollars. Dubai hopes to achieve its goal by centering on tourism, transport, trade, construction and financial services. It is vital to mention that during the last six months, major leading banks have been relocating to Dubai, in spite of the influential financial crisis that hot the entire world. Consequently, this fact is proof that the Dubai Strategic Plan is working wonderfully.