Economic and Political Environment of Dubai
Dubai
INTRODUCTION
In recent years, Dubai, a city within the United Arab Emirates, or emirates (UAE), has seen significant growth and is continuing to be viewed as a great place to do business. With a population of over 2 million, not only is Dubai booming, but it is a free trade zone, offering 100% foreign ownership and zero taxes for potential investors (CIA Factbook 2012). While the Dubai economy was once almost exclusively about oil, today, Dubai is only directly dependent for around 4% of its gross domestic product (GDP) on oil revenues (Emirates 2012). Dubai is located in the Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia. The city of Dubai is located on the Persian Gulf, right on the water front. Due to the extreme heat in this desert climate (ranging from 59 -115 degrees Fahrenheit), citizens live in very close proximity to the coastline. The UAE 's per capita GDP, $48,500 is on par with those of leading West European Nations. The CIA Factbook states the main economic industries in Dubai consist of oil, fishing, aluminum, cement, handicrafts, textiles, and fertilizers. While Dubai started as a small fishing village, it was take over in the 1800 's to become a separate emirate of Abu Dhabi. In order to seek protection, Dubai signed a number of treaties with the United Kingdom and the 1892 exclusive agreement brought safety to the city. Unlike many other Arab cities and countries, Dubai fostered trade and commerce. Early rulers H.H Shaikh Saeed Bin Maktoum from 1912 to 1958, followed by his son, H.H Sheikh Rashid Bin Saeed Al Maktoum, were instrumental in leading and directing Dubai 's path the city it is today. These same early rulers also proposed many of the buildings that make Dubai famous: the World Trade Centre, Dubai Tower and the traffic leading Dubai international Airport. In 1971, when the British left the Persian Gulf, Dubai, together with Abu Dhabi and five
INTRODUCTION
In recent years, Dubai, a city within the United Arab Emirates, or emirates (UAE), has seen significant growth and is continuing to be viewed as a great place to do business. With a population of over 2 million, not only is Dubai booming, but it is a free trade zone, offering 100% foreign ownership and zero taxes for potential investors (CIA Factbook 2012). While the Dubai economy was once almost exclusively about oil, today, Dubai is only directly dependent for around 4% of its gross domestic product (GDP) on oil revenues (Emirates 2012). Dubai is located in the Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia. The city of Dubai is located on the Persian Gulf, right on the water front. Due to the extreme heat in this desert climate (ranging from 59 -115 degrees Fahrenheit), citizens live in very close proximity to the coastline. The UAE 's per capita GDP, $48,500 is on par with those of leading West European Nations. The CIA Factbook states the main economic industries in Dubai consist of oil, fishing, aluminum, cement, handicrafts, textiles, and fertilizers. While Dubai started as a small fishing village, it was take over in the 1800 's to become a separate emirate of Abu Dhabi. In order to seek protection, Dubai signed a number of treaties with the United Kingdom and the 1892 exclusive agreement brought safety to the city. Unlike many other Arab cities and countries, Dubai fostered trade and commerce. Early rulers H.H Shaikh Saeed Bin Maktoum from 1912 to 1958, followed by his son, H.H Sheikh Rashid Bin Saeed Al Maktoum, were instrumental in leading and directing Dubai 's path the city it is today. These same early rulers also proposed many of the buildings that make Dubai famous: the World Trade Centre, Dubai Tower and the traffic leading Dubai international Airport. In 1971, when the British left the Persian Gulf, Dubai, together with Abu Dhabi and five
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