Many people fail to distinguish Dubai from Dubai City, when in fact Dubai is one of the seven Emirates of the United Arab Emirates with Dubai City the main city of the state. Dubai is the second largest of the seven Emirates although it has the largest population, and perhaps the most well known throughout the western hemisphere. It is located on the southern coast of the Persian Gulf on the Arabian Peninsula and is the most populous state of the United Arab Emirates.
It is distinguished from the other Emirates by the fact that only 6% of the countries revenues are derived from oil – a main source of income for many of the cash rich countries of the Middle East. Dubai is one of the well-developed states in the world, attracting a high ratio of professionals from all over the world.
Dubai is fast becoming the focal point of the Middle East with many seeing the state as a corridor between western values and eastern tradition. This and many other reasons will result in an increase in the number of Expats living in Dubai .
Economy in Dubai
For years Dubai has been one of the major trade routes from East to West, and this image and reputation is growing. The state is surprisingly wealthy bearing in mind the lack of oil reserves, and oil income as a percentage of total income. While there are few unemployment statistics for each of the United Arab Emirate states, the average is estimated to be in the region of 4 to 5 percent.
Much of business community is centered around the port and main airport which are some of the busiest in the world – with Dubai International Airport estimated to have seen some 28 million passengers through their doors in 2006. Dubai has one of the greatest transport infrastructures of the world, with construction also visible in all areas of Dubai City – which boasts some of the highest buildings in the world. This developed industry in Dubai was built on the backbone of oil revenues, but the city has continuously veered away from oil revenues and instead diversified its economic policies.
While finance is the major business sector in Dubai, many western manufacturers have offices in Dubai City, using this as a lucrative corridor to the East. Other important industries include tourism and conferences, with the city holding some of the most lucrative conferences in the world. The media is also playing a major part in the expansion of service and business industries, and the state is particularly good at embracing new technologies – with telecoms playing a larger and larger role.
Dubai also has one of the most attractive of tax regimes in the world, with foreign nationals often allowed to work in the area free of income tax and many standard western taxes – a reflection of the appreciation of the skills which they bring to the region. The environment is just as attractive for corporations, with many trading under zero corporation tax legislation.
Prospects in Dubai
While many people would expect Dubai to be the lucrative state which it has become, the fact that it has not benefited excessively from the increase in oil prices (due to the lack of reserves) is testament to the ruling authorities. A great number of western companies have been attracted to the state, which has an excellent transport network, top rated facilities and great potential for future growth.
While tourism is one of the main areas of industry, finance, real estate and the conference business have become ever more important. The amount of trade that is filtered through the state is enormous and growing year on year, not to mention the local development projects which continue to be rolled out on a regular basis.
Dubai is most definitely a state that has no concerns about ploughing money back into the local community. The current financial worldwide financial downturn has affected the development of property investments in the country. Despite this, the country is still ever pushing back the boundaries of construction and development and big is most certainly is beautiful in Dubai!
Dubai Key Facts:
Bordered by Saudi Arabia, Qatar and Oman
Food: Traditional Middle East food
Temperature: Very high
Industries: Finance, Conferences, Manufacturing and new technologies
Education: Compulsory school time 7 years, although the average is over 10 years with further education.
Health: Life expectancy 73 years
Great Dubai Sites
The Expat Jam site is a great community site for people living in Dubai.