Today, as we look at Dubai, which is a global financial and cultural hub, it is hard to imagine that only 50 years ago it was an unnoticed fishing village. Today, Dubai attracts tourists from around the world and it is home to the richest people on the planet. But how did this small village become a luxurious metropolis? And why is Dubai’s success unrelated to oil?
Dubai’s strategic location has become a key factor in making it a global hub. With its location on the Persian Gulf coast, Dubai has become a natural trading hub between East and West. This allowed the city to develop international trade and attract capital from different parts of the world.
Dubai’s visionary leadership was another factor in its transformation. Local governments and emirates have invested heavily in infrastructure development, business spaces, and attracting foreign investors. This helped the economy grow and attracted international companies that chose Dubai as their base.
But oil, while important to the region, is not Dubai’s primary source of wealth. In 1966, oil fields were discovered in Dubai, but the government decided not to rely solely on oil revenues. Instead, they diversified the economy by investing in various sectors such as tourism, finance, real estate, and commerce. Tourism has become one of Dubai’s major industries. The city attracts tourists with its luxurious hotels, modern shopping centers, beaches, and entertainment. Rich cultural heritage and architectural elements also attract many visitors.
Thanks to its financial sector, Dubai has become the financial center of the Middle East. There are many banks, stock exchanges, and financial institutions. This attracted international companies and investors who chose Dubai for their financial operations.
Real estate development has also played an important role in the transformation of Dubai. Modern skyscrapers, luxury villas, and residences have become symbols of luxury and status. Many wealthy people from around the world are buying property in Dubai, contributing to the city’s economic growth and development.
To ensure the sustainable development of the city, the authorities decided to attract foreign capital. However, apart from the discovery of oil, which was a real boost to economic recovery, the government realized that black gold reserves were not infinite. Therefore, for the city to continue to prosper and after the exhaustion of these resources, attractive conditions were created for foreign businessmen who want to implement their projects here.
In addition to the investment advantages granted to foreign entrepreneurs, the authorities have also actively cooperated with them in various fields. Special investment zones with tax incentives and simplified procedures for business registration have been established. This attracted large foreign companies, which in turn contributed significantly to the city’s development.
In addition, the authorities had worked hard to improve infrastructure to provide a comfortable environment for foreign investors and their employees. New roads, airports, and railway stations were built, and public transport was developed. This not only contributed to business development but also improved the local residents’ quality of life.
However, the authorities were not limited to economic measures. They also engaged in active international diplomacy to attract foreign investors. Cooperation agreements were signed with various countries, and exhibitions, and business forums were held, where representatives of the city demonstrated its potential and attractiveness for investment.
Further, the authorities decided to develop in a tourist direction, thanks to which the city appeared high-quality hotels and places for recreation. The coast began to be rich with various offers for leisure, and when its territory was finished, it was decided to complete the beaches artificially. The authorities have also imposed a ban on drinking alcohol in public places, so it is sought only in certain institutions or Duty-Free.
The main businessman in the city is the state itself. Thus, most of the revenue comes from the public services provided, which include the sale of expensive visas, certain contributions to the treasury from each existing project or company, and quite high fines for disturbances.
Dubai aims to attract tourists in every way possible. One of the most effective is the holding of events of global importance, including sports, in the metropolis. Thus, the city annually hosts the most expensive horse racing on the planet, various championships in motor racing, rugby, and triathlon, as well as quite original competitions such as falconry or a race in the sandy desert.
Every traveler knows Emirates Airlines, which is famous for its comfortable conditions on the flight and high level of service. Dubai Airport has more than 50 million people a year, each of which will bring some revenue to the country. Air shows are often held, which are proud not only of the authorities but also of the population.