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Economic overview of Dubai:
The Dubai economy enjoys a competitive combination of cost, market and environmental advantages that create an ideal and attractive investment climate for local and expatriate businesses alike. The Economy of Dubai was valued at US$ 46 billion as of 2006. The Late-2000s recession slowed the construction boom .The significant presence of ports and natural resources boost the Dubai economy. The ports of Dubaioffers flourishing business prospect for western manufacturers. Besides, natural resources like petroleum and natural gas contribute around 3% of the UAE’s gross domestic product.
In fact, Dubai not only rank as the Arabian Gulf’s leading multi-purpose business center with luxury Dubai property and regional hub city, but they place it at the forefront of the globe’s, dynamic and emerging market economies. The modern banking and financial centers of the city are concentrated in the port area, which add to the economy of Dubai. Dubai had been an important trade route through the 1970s and 80s. Until 1990, Dubai had a free trade in gold encouraging smuggling of gold bricks to India.
Today, Dubai is an important tourist destination and port, but is also increasingly developing as a hub for service industries such as IT and finance, with the new Dubai International Financial Centre (DIFC).
The government has set up industry-specific free zones throughout the city. Internet access is restricted in most areas of Dubai with a proxy server filtering out sites deemed to be against cultural and religious values of the UAE. However, areas served by TECOM are currently not filtered.
Dubai Economy Major Factors:
The economy of Dubai is made up of the following key activities:
Property and construction (22.6%)
Trade (16%)
Import activities – shipping, warehousing and logistics (15%)
Tourism (11.6%)
Financial services (11%)
Oil and natural gas (6%)
Dubai’s economy could shrink by 0.5 per cent in 2010 as the emirate’s construction and real estate sectors continue to shed jobs, says the Washington-based Institute of International Finance (IIF), the global association of financial institutions.
Dubai, with its ancient commercial and seafaring traditions, has long been recognized as the Middle East region’s leading trading hub and has emerged as its key re-export center. In more recent years, the Emirate has become a major venue for a number of growing, profitable industries and activities:
Meetings, conferences, exhibitions
Tourism
Corporate regional headquarters
Regional transport, distribution and logistics center
Banking, finance and insurance
Business and industrial consulting
Information and Communications Technology
Light and medium manufacturing
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