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Introduction:
Dubai is a country that attracts people from all parts of the world. In Dubai, most people look for fun activities, entertainment, adventurous tours, buildings, and shopping. But if you visit Dubai, you must have a question in your mind What are the reasons behind the success of Dubai? According to people oil business is the reason for its huge success. But the truth is that it’s not the only reason.
Dubai has provided so many reasons to be called a rich country. Some more good qualities of these wealthy states include low tax rates, free trade, and zero income tax.
History of Dubai:
Dubai has made massive efforts in the past to be what they are now. But their passion to do something more is still alive. Dubai has been rising high since it came into existence in 1833. The time that changed, most of things for Dubai was 1966. The development of Dubai was mainly started by the late Sheikh Rashid bin Saeed al Maktoum. He discovered oil resources in Dubai. After it started developing it never looked back.
In 1892 Dubai became a British protectorate, and in 1907 335 parking ships were boasted by Dubai. In 1959 Dubai Airport was opened. Finally, in 1971 Dubai came out as an independent country as they got rid of Brits. Then it started flying high and high. From opening the Dubai metro in 2009 to opening burj khalifa in 2010, from adopting the dirham as their currency in 1973 to inaugurating the construction of Palm Jumeirah in 2001. They achieved it all. We see its success but the obvious question that arises is why Dubai is so rich.
Why Dubai is so rich? Here are the Interesting Reasons
A popular business hub:
Dubai which started as a little fishing village. Now it has become a very popular business hub. Countries that are eager to grow their business worldwide look towards Dubai. Dubai has a very advanced infrastructure and a very friendly environment for business. Dubai’s’ positive outlook for business has helped it to join with a lot of countries like the Middle East, Europe, Asia, and Africa. Dubai provides a lot of advantages to people who want to start their business in Dubai. These advantages include innovation, investment, safety, open policies, and promotion. Of foreign direct investment FDI. Moreover, Dubai is also a free country. All these facilities ultimately help Dubai in its economic growth.
Tourism and hospitality:
Even though Dubai is an expensive country people love to go there. Its diverse culture, heart-stealing buildings, amazing deserts, glittering skylines, and massive shopping malls force people around the world to visit Dubai. It also has some of the finest and best-known restaurants in the world to attract food lovers. The largest man-made islands, largest suspended aquarium, largest mall, and last but not least burj khalifa drive troops of people to Dubai.
Also, people in Dubai are very friendly and meet with you with a smile every time. Dubai has also become one of the richest hospitality markets which adds another reason to the list that why they are so rich. Dubai earns 20% of its wealth from tourism.
Oil-based industries:
Another reason for their success is their exceptional oil resources. we cannot deny the fact it is the accurate reason for its success. It is a main source of income for Dubai. The country is also on the list of major oil producers. Even once oil-based companies were considered for 50 % of Dubai’s gross domestic product.
Non-oil-based companies:
Nowadays Dubai’s 95% GDP is dependent upon its non-oil-based industries. Dubai exports, many products to increase its wealth. These products include petroleum, aluminum, petrochemicals, cement industries, and much more. All these products contribute much to improving the GDP of Dubai.
Trade:
One of the major sources of its income is trade. It has two of the world’s largest ports and also a very busy crowded international cargo hub. Their trade market is one of the finest trade industries in the world. Dubai has built a trade center to attract wealthy people for investment. It is named as Jeb Ali free trade zone. It was established in 1980.
Conclusion
All these factors are contributing Dubai much to Dubai’s richer day by day. As per the list of 2023 UAE holds the 7th spot being one of the richest countries in the world. It is the center of attraction for wealthy people to invest. Even after being one of the most successful countries it is still working harder to proceed.
As an experienced content writer, she specialize in creating engaging and informative content across various categories, with a particular focus on Business, Fashion, Finance, and Automobiles. her expertise lies in crafting detailed and well-researched articles that cater to the unique needs and interests of diverse audiences.