Social Media Means
Photo by Denys Gromov Pexels Logo Photo: Denys Gromov

Why is Dubai so rich?

Dubai continued to become a dynamic and diversified economy with revenue generated through different streams. Most of the city's GDP is non-oil based, contrary to the popular belief. The majority of its money comes from the production of goods, provision of services and Tourism.

pickyourtrail.com - Ever wondered what makes Dubai so rich and prosperous? - pickyourtrail
How long does Instagram ban your account?
How long does Instagram ban your account?

The duration of a temporary ban on Instagram usually ranges from a few hours to 48 hours. Your ban's duration also depends on the follow-up actions...

Read More »
Last updated Apr 20, 2019
What K means in 100k?
What K means in 100k?

K comes from the Greek word kilo which means a thousand. The Greeks would likewise show million as M, short for Mega.

Read More »
Last updated Jan 20, 2019

Ever wondered what makes Dubai so rich? I did too. At first, I thought it was their oil that made them rich, but boy I was wrong. The oil in Dubai was discovered just 50 years ago and it accounts for only one per cent of its earnings. So, what makes Dubai so rich? Curious to know how Dubai gained all its wealth? Well, just keep reading to know about the same.

Where it all started?

Back in the 1770s until the late 1930s, the primary source of income in the Trucial Coast of what is now the UAE was a pearl industry. Pearl diving was thought to be a humble beginning in trade for the residents of the Persian Gulf, but it set the foundation for something much larger later on.

You might also like: Dubai Heritage and diving village

What actually makes Dubai rich?

In the late 1950s, soon after the clash between Dubai and Abu Dhabi for oil, Dubai struggled and didn’t have any high oil revenues, unlike Abu Dhabi, which thrived. That is when, the ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, decided something had to change. So, he started investing in infrastructure and built Dubai’s first airport in 1960.

Also read: History of Dubai

1. Infrastructure and Tourism in Dubai

This also paved the way for the construction of several other infrastructure projects, which made them realize that infrastructure is a long-term strategy and gave hope to their economy. This led to a boost in tourism, and whatever little oil they discovered, was used in building the Dubai city we now see. Dubai has grown to become one of the top tourist destinations in the world, thanks to its state of the art infrastructure. The tourism industry makes up to 20 per cent of Dubai’s Gross Domestic Product.

Dubai Package Starting @ ₹13,373 5* Hotels. Activities. Attractions. Transfers. Pickyourtrail.com/packages/dubai

2. Global Business in Dubai

The infrastructure also helped boom the trade industry. Dubai established its first free zone in 1985; Jafza, which was the largest free zone in the world. This also led to 30 more free zones that offer tax breaks, custom duty benefits and exemptions for foreigners. This resulted in attracting more global businesses. Many of these Jafza companies contribute to 20% of foreign investment in Dubai. And approximately 144,000 employees are generating $80 billion in non-oil money. That’s 21 per cent of the city’s Gross Domestic Product (GDP).

And that’s how Dubai became so rich

Dubai continued to become a dynamic and diversified economy with revenue generated through different streams. Most of the city’s GDP is non-oil based, contrary to the popular belief. The majority of its money comes from the production of goods, provision of services and Tourism. I guess that answers all our questions on what makes Dubai so rich?

If you haven’t been to the extravagant city of Dubai, then I’d suggest you start planning a vacation soon! Experience all the richness the city has to offer. Pickyourtrail has some of the best Dubai packages to offer and if you want to craft your own Dubai itinerary. So pack your bags and get ready for a luxurious vacation. It’s time to unwrap the world with Pickyourtrail! Happy travelling! Log on to www.pickyourtrail.com to know more

Also read: Dubai Travel Guide

What kind of person has no empathy?
What kind of person has no empathy?

Psychopathy is a personality disorder characterized by a lack of empathy and remorse, shallow affect, glibness, manipulation and callousness. Sep...

Read More »
Last updated Oct 6, 2019
How much does TikTok pay for 1 million like?
How much does TikTok pay for 1 million like?

TikTok pays content creators $0.02–$0.04 per every 1,000 views. This means you'll get about $15 for 500,000 views and $40-$50 for 1 million views....

Read More »
Last updated Jun 20, 2022

How can I be smart with money?

5 steps for getting smarter about everyday finances Get a clear picture of your financials—now and down the road. ... Tomorrow's plans start with today's budget. ... Make your money work smarter, not harder. ... Remember that monthly bills can impact future goals. ... Use a banking app to save time and stay on top of your finances, 24/7.

bankofamerica.com - 5 Tips for Smart Money Management and the Tools to Help

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.

How many recruitment agencies fail in the first year?
How many recruitment agencies fail in the first year?

Although there are no official statistics on how many recruitment agency start-ups fail, it is estimated that 60% of all business start-ups fail in...

Read More »
Last updated Feb 4, 2022
Why do introverts struggle to make friends?
Why do introverts struggle to make friends?

Friendships. It can be difficult for introverts to make new friends because getting to know someone takes so much energy. However, introverts don't...

Read More »
Last updated Jan 11, 2022
How many types of social media platforms are there?
How many types of social media platforms are there?

The 7 different types of social media Traditional social networking sites. Social review sites. Image and video sharing sites. Video hosting sites....

Read More »
Last updated May 16, 2022
How do I go live on Instagram 2022?
How do I go live on Instagram 2022?

You can tap the “+” button on the middle bottom of the App and choose Live among the new posts options. Then you would enter the page of camera...

Read More »
Last updated Aug 5, 2022