“Almost everyone knows about Dubai and its vast expanse of riches. The city is a part of the United Arab Emirates and has been synonymous with oil for the major part of the last century. Most people think that Dubai became rich due to it being a part of the Gulf, the oil well of the world, but the major part of around a $100 billion revenue of the state comes from prosperous areas like real estate, airlines and ports. Oil comprises only seven percent of the total revenue whereas the rest of the income comes from heavy investments in industries and land.
The reason behind the progressive development of the state can be due to the western methods that have been adopted by Dubai rulers. In the early 1980’s, it was understood that Dubai would not be able to last long in the competitive race if the focus was only given to oil resources. Thus foundations were laid for investments in real estate that are now the major backbone of the Arab economy. In the year 2000, the majority of property development started taking place in the vicinity. This gave a fresh impetus to the economy and literally led to a boom.
In the year 2000, the world saw the opening of the Dubai Internet City. This invited global clients from all arenas and helped Dubai’s businesses to leverage. The InfoTech hub was completely tax free and attracted lots of investors. The 2003 boom led many foreign investors to notice the emirates and then plan to invest there. The best part about the property rules at that was that property owners could only own their respective properties for a period of ninety-nine years and hence there was nothing called freehold rule. It was during this time that major buildings like the Burj Khalifa constructed by Emaar properties, Dubai Marina, Jumeirah Village and Burj Al-Arab, the World’s most expensive hotel and other such projects came underway.”