Almost everyone knows about Dubai and its incredible wealth. The city was part of the United Arab Emirates and was known as the country of oil in the last century.
Most people think that Dubai became rich because it is part of the Gulf, the world’s oil wells, but in fact, the main factor that makes up nearly $100 billion in revenue of Dubai comes from the economic sectors like real estate, from airlines and ports. Oil accounts for only seven percent of total revenue while the rest of income comes from large investments in industry and land.
The reason behind this development may be due to the Western style of rulers adopted Dubai. In the early 1980s, it was understood that Dubai would not be able to survive long in the competition of economic competition if focusing solely on oil resources. That laid the foundations for real estate investments that have now become the main pillar of the Arab economy. In 2000, the majority of real estate development began taking place in the vicinity. This has brought a breath of fresh air to the economy and literally led to an explosion.
In 2000, the world witnessed the start of Dubai Internet City (Dubai Information Technology City). They have attracted global customers of all sectors and helped Dubai businesses grow. The information technology (CCNTT) centers are completely tax free and attract a lot of investors. The boom in 2003 made many foreign investors realize investing in the emirate was a wise move. And with the property ownership law, property owners can only own their property for a limited period of ninety-nine years during which large buildings such as the Burj Khalifa was built by Emaar Group, Dubai Marina, along with the world’s most expensive hotels and projects such as Dubai Marina, Jumeirah Village and Burj Al-Arab.
The Burj Khalifa ($1.5 billion construction cost), until now, is the tallest building on the planet and significantly increased tourism revenue for Dubai. Palm islands ($12.3 billion in construction cost) have also taken Dubai to a new level of luxury, but Dubai is facing a lot to date. problems since 2008 when gross domestic product was estimated at only $82.11 billion. During the credit crisis situation, most of Dubai’s major investors lost a lot of money and left unfinished projects. Property prices began to drop significantly and thousands of locals started losing their jobs.
Although the city of Dubai is facing a turbulent economic period, it has gained much experience from experiencing many successes and failures in its short history. And Dubai’s strategic location: close to Asia, and Europe, has secured a potential business opportunity in the future.
Dubai Internet City (DIC) is the largest information technology center in North Africa and the Middle East. Since 2000, DIC has successfully developed a wealthy system for technology organizations and is one of the foundations for Dubai’s knowledge-based economy. DIC is home to more than 500 multinational corporations and corporations, including global names like Facebook and LinkedIn, as well as some of the region’s most dynamic and successful small tech businesses and start-up businesses from all elements of the information technology value chain.