Dubai is the perfect example of what the power of money can do. 5000 years ago the money from the Pharao's build the great pyramides to proof how rich and properous they were. Back to the babylonians they build gardens that till today were among the 7 wonders of the world !!! Dubai is extremely extravagant, Architect are rushing to build their craziest designs. Megaconstructions at high speed are build in a place were 20 years ago was just a fishing port that was barely important. What happened?
Dubai is part of the 7 states that comprises the United Arab Emirates. A country on the Persian Gulf. It has a sub-tropical, arid climate. Before the discovery of oil; the region was famous for it's pearl industry. Which now belongs to museums. The economy was dependent on the capital Abu dabi. During the course of the 1990s, many foreign trading communities — first from Kuwait, during the Persian Gulf War, and later from Bahrain, during the Shia unrest, moved their businesses to Dubai. Dubai provided refueling bases to allied forces at the Jebel Ali free zone during the Persian Gulf war, and again, during the 2003 Invasion of Iraq. Large increases in oil prices after the Persian Gulf war encouraged Dubai to continue to focus on free trade and tourism. The success of the Jebel Ali free zone allowed the city to replicate its model to develop clusters of new free zones, including Dubai Internet City, Dubai Media City and Dubai Maritime City. The construction of Burj Al Arab, the world's tallest freestanding hotel, as well as the creation of new residential developments, were used to market Dubai for purposes of tourism. Since 2002, the city has seen an increase in private real estate investment in recreating Dubai's skyline with such projects as The Palm Islands, The World Islands and Burj Dubai. However, robust economic growth in recent years has been accompanied by rising inflation rates (at 11.2% as of 2007 when measured against Consumer Price Index) which is attributed in part due to the near doubling of commercial and residential rental costs, resulting in a substantial increase in the cost of living for residents
Dubai's gross domestic product as of 2006 was US$46 billion. Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate's revenues. It is estimated that Dubai produces 240,000 barrels of oil a day and substantial quantities of gas from offshore fields. The emirate's share in UAE's gas revenues is about 2%. Dubai's oil reserves have diminished significantly and are expected to be exhausted in 20 years. Trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors to Dubai's economy.Historically, Dubai and its twin across the Dubai creek, Deira (independent of Dubai City at that time), became important ports of call for Western manufacturers. Most of the new city's banking and financial centres were headquartered in the port area. Dubai maintained its importance as a trade route through the 1970s and 1980s. The city of Dubai has a free trade in gold and until the 1990s was the hub of a "brisk smuggling trade" of gold ingots to India, where gold import was restricted.
Dubai is considered to be an important tourist destination and its port, Jebel Ali, constructed in the 1970s, has the largest man-made harbor in the world. Dubai is also increasingly developing as a hub for service industries such as IT and finance, with the establishment of a new Dubai International Financial Centre (DIFC). The government has set up industry-specific free zones throughout the city. Dubai Internet City, combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose members include IT firms such as EMC Corporation, Oracle Corporation, Microsoft, and IBM, and media organisations such as MBC, CNN, Reuters and AP.
The Dubai Financial Market (DFM) was established in March 2000 as a secondary market for trading securities and bonds, both local and foreign. As of Q4 2006, its trading volume stood at about 400 billion shares worth US$ 95 billion. The DFM had a market capitalization of about US$ 87 billion.
The government's decision to diversify from a trade-based, but oil-reliant, economy to one that is service and tourism-oriented has made real estate more valuable, resulting in the property appreciation from 2004–2006. Large scale real estate development projects have led to the construction of some of the tallest skyscrapers and largest projects in the world such as the Emirates Towers, the Palm Islands and the world's tallest, and most expensive, hotel the Burj Al Arab. As of July 2007, the Burj Dubai became the world's tallest structure and is expected to be taller by several hundred feet, once construction is complete. Construction should finish in late 2008 and the building occupied by September of 2009. There will be an estimated 164 floors, the top floor at 624.1 meters, or 2,058 feet. Including the antennae and spire the total height of the Burj Dubai will be an estimated 818 meters, or 2,684 feet
Burj Dubai planned construction.Above: the building of the Burj Dubai as it is today.
What are the richest people living in Dubai?
Abdul Aziz Al Ghurair & family
$8.0 billions
Abdulla Al Futtaim
$3.0 billions
Majid Al Futtaim
$2.5 billions
Khalaf Al Habtoor
$2.5 billions
About being extravagant one of thos billionaires Mustafa Galadari has build every paleantologists dream by creating a huge themepark with robots (implanted with artificial intelligence) creating the first jurassic Park with Dinosaurs more real than you think !!!
http://www.cityofarabiame.com/our-projects/restless-planet/overview-restless-planet.html
Dubai as far as I'm concerned is worth to visit more than once cause it's constantly changing like a cameleon.
No comments:
Post a Comment