The Economic Wonder State of Dubai

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Dubai is undoubtedly one of the most renowned shopping districts on the planet, one couldn’t expect anything less from a place where shopping is actually among the favorite pastimes for the residents of this place especially since most have exceedingly high disposable incomes.

From malls to shopping centers and exclusive boutiques and no shortage of new developments targeted at pushing consumer spending to its limits, Dubai is quickly becoming another larger-than-life landmark that has achieved the ranks of London, Paris and New York. Over the last few years alone there have been four mega developments that have been scheduled for completion which will deliver another approximately more than 3,000 shops apart from leisure and recreation facilities costing around 2Bn dollars just to cash in on the consumer spending power of those who live and visit Dubai.

Most of these initiatives are driven by economic objectives that intend to circumvent the dependency on the oil and gas sector that keeps the country’s economy afloat currently. These development projects have brought about an increase in tourism activity which is by far the easiest pursuit that is available on the table for most Middle Eastern economies as economic diversification initiatives.

It is no wonder that construction is part and parcel of Dubai’s façade as these constructions valued at billions of dollars has turned Dubai into the fastest growing cities on the planet. It is also due to the tourism-based activities that allowed Dubai to be among the first regions to recover from the global financial crisis a decade ago and based on the current trajectory it seems that Dubai has achieved its previous set economic objectives and will achieve its current economic objectives within the next few years largely attributed to Dubai’s zero tax policies and economic trade free zones that have advocated the industrial manufacturing sectors.

Most of the projects that were halted due to the lack of funds that followed suit the capital crunch of 2009 were resumed in 2011 and are almost on the verge of completion including Palm Islands, Dubai land, and the lagoons apart from Jumeirah Garden City, The Pentamonium, Burj Al Alam and Palm Jabel Ali.

The federal government’s drive towards diversification from a total oil-based economy towards a hub for tourists has also resulted in a property boom which was the primary driver behind the thousand or more freehold developments in Dubai.

The Strategic Plan 2015 which was unveiled by Rashid Al Maktoum who is the ruler of Dubai towards maintaining economic growth spurred construction projects on a large scale which saw the installation of 30,000 construction cranes which accounts for 25% of the total cranes worldwide located within the borders of Dubai, the bright lights of tower crane signage in Dubai shine widely across the city skyline each night.

The Al Maktoum International Airport destined to be the 4th largest airport on the planet will ensure that accessibility will not be an issue after it is fully operational in 2025 and its timely completion will also be critical to the tourism objectives of Dubai.

Dubai sheds the conventional image Arabia and projects what Arabia wants to be, and will be based on how things are moving and at this pace, it seems that nothing is impossible for Dubai from an economic perspective.

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