Dubai is one of the seven emirates that make up the United Arab Emirates, It is the stunning creation of oil wealth since the discovery of crude in 1966, Dubai is considered the fifth safest city in the world. There are no personal or income taxes in Dubai. It is hot and dry. On average, there are 3.7 inches of rain per year. The temperatures range from 92, as the average high, to 72, as the average low.
Dubai has changed dramatically over the last three decades, becoming a major business centre with a more dynamic and diversified economy. Dubai enjoys a strategic location and serves as the biggest re-exporting centre in the Middle East. While Dubai’s economy was built on oil and natural gas, it now relies on tourism, trade, and real estate to keep the money flowing. There are spectacular malls throughout the city. One of them has an indoor ski slope with real snow — 6,000 tons produced daily. Dubai’s economy is expected to continue expanding over the next two years, according to the Chairman of Dubai’s Economic Development Committee, who said that the emirate had outperformed global economic growth and defied downward trends that prevailed worldwide in 2016.
Standing at just under 830 meters tall, the Burj Khalifa is not only the tallest building in Dubai, but the tallest on the planet. The rocket ship-like design makes this striking skyscraper look as if it’s going to take off any minute.
The growth of real estate in Dubai depends on new entrants in the market, liberalization, demands of urban houses as well as household income. The real estate market is also dependent on owners, renters, developers, valuation agencies, banks. Dubai’s prolonged political stability, low taxes, efficient government, flexibility to adopt foreign cultures have garnered a positive business environment. Dubai’s real estate boom started at the time of oil crisis in 2002. The increased price of oil per barrel, ranging from USD 25 to USD 147, is a stimulator factor for Dubai real estate properties. Dubai’s real estate boom, however, turned to bubble in 2006 because of the presence of short term investors and this financial inflow increased liquidity pressures on the entire economy as well as real estate. Gulf and UAE oil producers also appreciated this development.
There are several factors that determine the performance of Dubai’s real estate industry. Firstly, the global credit boom and the liquidity inflows are the key elements to the expansion of this sector. Secondly, participation of foreign investors in real estate has led technological advancement. Thirdly, the oil price rise has provided the investors the much-needed confidence in this sector. Finally, the absence of corporate governance in the state-owned real estate corporations creates a potential for error and embezzlement, thereby giving the new privately-owned corporations a much needed advantage (Alestalo, 2014).
Our city offers unique experiences that can’t be found anywhere else in the world. Over the last twenty years or so the Middle Eastern city of Dubai has become one of the hottest vacation and business locations in the world. It is a rapidly developing, fabulously wealthy futuristic city set within a centuries-old Arab culture. The traditional ways are still there if you look for them. But they are gradually being overtaken by the new attractions and developments springing up virtually every day. And here are some unique stuff to experience.
In Dubai one can see dusty traditional villages as well as fantastically luxurious residential districts, or visit rugged mountains and majestic sand dunes only a few miles from pristine sandy
beaches and lush green parks. Tourists can wander through Dubai’s traditional market places or visit some of the largest and most modern indoor shopping malls in the world.
By far the most popular attraction Dubai is the shopping. The malls and market places of Dubai are stocked with an incredible array of consumer goods and draw large numbers of shopping tourists from all parts of Europe and the Middle East and even as far away as Eastern Europe, India, and North America.
These and many more attractions make Dubai a favorite destination of tourists and business travelers from around the world. Future developments promise to make Dubai even more important as a world class business hub and a haven for tourists in search of a unique and exciting adventure.