The economy of Dubai is expanding drastically without any noticeable sign of backwardness in any angle of economic strata, making United Arab Emirate stand out among world’s oil exporters.
Dubai, grew from a small economic village into a modern and respected economy in a short time, converting the power of oil to prosperities in diverse areas. The country is growing at a very high pace living nations that are dependent on oil to stagger during the period of oil price fluctuation.
Dubai economy in 2017, despite the perceived “challenges” by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the emirate’s Economic Development Committee, will receive “diversification and open new markets” which is not limited to Islamic finance but will also bring in renewable energy industries that have the potential of enhancing the country’s economy.
The economy of the Middle East country increased to 3.1 percent after it skyrocketed to 2.7 percent in 2016.
Beginning of Dubai Development
From Camel herds to fast cars, Dubai developed into a territory where people visit for marriage honeymoons and summer holidays; now the territory boosts of skyscrapers and cutting-edge trends hotels enshrined in serene environments with malls beautifying the communities.
Dubai, a country already among nations with skyscrapers is planning to build a taller building more magnificent than Burj2013, Dubai was branded the 7th most visited countries in the world, with an expectation that it increases as year rolls over the years.
Tower at Dubai Creek Harbour
The country has revealed that construction has taken off in The Tower at Dubai Creek Harbour. The Creek Harbour is expected to be unveiled come 2020 to be the world tallest building.
Dubai Creek Habour will be more magnificent than the World Trade Centre and even come with an outstanding design that does not exist anywhere, the country has bragged.
Taller than Burj Khalifa’s 2,700ft, the construction will gulp estimated $1 billion, and it would be due to using during the Expo 2020 trade fair that the country plans to host. The building is designed by the architect responsible for the construction of World Trade Center PATH Station –Santiago Calatrava Valls.
The design gives the advantage for the building to be observed in 360 degrees and would be among the world’s best building. The idea is expected to bring more visitor into Dubai and boost the economy of the Middle Eastern country. It will as well give an alluring and breath-taken view of Dubai, thereby creating a deep sense of beautification that stands out in tourists from far and wide.
More Tall Building
Dubai plans to construct more buildings among which are Dubai One, Burj2020, SZRTower, Business Bay Tower 1 and 2, among other buildings. In all, Dubai has over 50 tall buildings under construction and proposes around 10 in the future.
Away From Fossil Fuels
Dubai revenue is not based on oil; the city has only one percent of its economy dependent on oil, and close to 95% are not oil-driven while tourism produces 20% of the GDP.
The statistics highlight that Dubai has a diversified economy and truly depends on tourism for development, surviving the reducing power of oil with innovations. With different diversification coming from Dubai policy makers, Desert Safari Dubai among other things are tools used in developing the city’s economy.
While other countries are staggering due to the fluctuating oil price, Dubai is making progress and planning to develop more in areas of tourism to entice more visitors to the country, knowing that compulsorily they must hang out in their hotels of choice, which are contributing to the country’s economic growth in all levels.
Dubai delves into ICT and it today taking the lead in the Middle East. The city has different hubs of technology and combines the power obtainable from ICT to develop more in areas of technology.
Dubai will grow more if it continues at this pace, adding to its development arsenal through technology enhancement in all economic faces. Analysts despite bashings are of the opinion that Dubai is a cool home of development beyond 2025.