Economic Profile

Dubai was a city that most people around the world had never even heard of a mere ten years ago. That is rapidly changing. It boasts one of the world's fastest-growing economies (Michaels 1), and Dubai is well on its way to becoming an important global city. Dubai is in a constant heated competition with the economies of most developed countries. The city seemed to spring over night from the desert dunes of the Arabian Peninsula and caught everyone in the world by surprise. Dubai is making economic history by leaps and bounds in the areas of technology, transportation, communication, trade, and tourism, with state-run industries orienting the city towards economic growth and global integration.

The main boulevard in Dubai radiates modernity.

Upon taking just a glance of Dubai, anyone will notice of its ulta-modern skyline, clean streets, and sophisticated urban planning. This is because technology is at the top of the charts in Dubai. The Maktoum family, rulers of the U.A.E., takes great pride in their nation and the opulence they have achieved. Almost everything in Dubai is state-of-the-art, from computers to highway systems to feats of engineering. Dubai is also charging forward in the field of communication as Dubai Media City, a huge communications complex, has emerged in the past few years. According to Variety magazine, Dubai Media City “is the centerpiece of a strategy aimed at developing a "knowledge economy" away from the oil fueled economies of neighbors such as Saudi Arabia” (Jaafar 1). It is also a main component in developing an infrastructure based on oil money that will sustain the economy once the oil money runs out (Jaafar 1). Whoever is ahead in technology is ahead in the economy as well; the two go hand-in-hand. The engine of economic growth is information, technology, and communication, which reflects high-wage labor.

Stretch Hummer limo driving in front of the world's only seven-star hotel.

According to the Wall Street Journal, “Emirates Group has emerged as one of the fastest growing and most feared competitors in the global airline industry” (Airline 1). Having global connectivity through an outstanding airline is a key component to a successful economy. The United Arab Emirates has achieved the title of best airline in the world. Dubai’s airport functions on a round-the-clock schedule and its prime location as the junction of international travel have helped Emirates Group flourish. It has had a 25% average annual growth in passenger traffic over the past 20 years, which is one of the greatest trajectories of any airline in the world. State-owned Emirates Group is more than doubling its 73-plane fleet while much of the world’s airline industry is in crisis. It ordered 99 large passenger planes in the past few years, including 45 massive two-deck, 555-seat Airbus A380s, which is the largest order ever for the largest plane in the world (Airline 1). An outstanding airline such as Emirates Group establishes an excellent reputation and draws people from around the world to invest in their economy, which is largely attributed to Dubai’s and the U.A.E.’s huge economic success.

Emirates Airlines, rated the number one airline in the world.

In terms of trade and exports, the U.A.E. got its momentum from the massive oil market. The revenue made by Emirate oil was a foundation of their economic successes. According to the Wall Street Journal, “money is pouring into Dubai from around the Mideast, where it boasts a reputation for stability, openness and enterprise. Those investors are helping build Dubai's economy and realize its dreams of creating a glittering, modern oasis” (Record Books 1). However, the U.A.E. is becoming less dependent on oil and in the last few years has been focusing on a new, much more profitable trend – tourism.

Natural gas - Dubai's source of immense wealth.

Tourism is quickly becoming the new aim for Dubai’s capital. Dubai hopes to be a world leader in tourism, as it sponsors many affluent events such as the Dubai International Film Festival, a world shopping spree, and the world’s richest horse race. The city attracts many international visitors and investors with its championship golf courses, crystal clear beaches, and prime real estate. Dubai is also home to the world’s tallest and most expensive hotel, the world’s largest indoor ski slope, the world’s most expensive water park, and soon the world’s tallest building and largest shopping mall. Dubai is aiming to be a world record city; its leaders are doing all they can to catch the attention of the rest of the world.

The Jumeirah Beach Hotel, modeled after a breaking wave, is home to the world's most expensive water park.


Wild Wadi - the world's most expensive water park seen here.


Dubai is home to the world's most exclusive shopping malls - and soon will host the world's largest.

The majority of the U.A.E.’s economy is state-owned, operated, and located in the U.A.E., and is very much vertically organized; the wealth stays inside the country. This more centralized economic system can largely be attributed to Dubai’s sudden explosion of oil wealth and prosperity – they are not sharing their wealth with anyone else, nor do they have to owe any countries borrowed money. The economy of Dubai is almost completely state dominated, with a small population and the investment of an immense amount of oil wealth – thus causing it to be one of the most prosperous economies emerging in the modern world.

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