The following article is about Petro Dollar. If we can imagine a place to go to with a dollar sign in our eyes, it’ll definitely be Dubai. Taking advantage of its geographical location, Dubai’s economy was originally built on the oil industry and then it shifted to other industries, mainly tourism and real estate. Property and construction, trade and financial services are the largest contributors to Dubai’s economy.
The most popular business that attracts world attention on Dubai is the construction of innovative large projects and sports events. Large scale investment in real estate sectors has allowed the construction of tall buildings and huge projects such as Emirates towers, Burj Khalifa, Palm islands, etc. Despite a major downturn of real estate markets in the year 2008, it is reviving strongly. Investors from all around the world are willing to share some considerable part of their total investments in Dubai’s real estate.
Business delegates from UAE of which Dubai is a part, have already visited several other nations to expand their market. Many developers websites also provide the opportunity to invest in their properties. Now corporate companies are also found booking properties in Dubai. Even if all of them would not be able to open their offices, they would take the advantage of reselling them at higher prices. Leading private sector banks have shown vigor to acquire clients investing in Dubai.
Another interesting business that can be set up in Dubai is, technology outsourcing to developing countries. These countries are on the growth track and are required to develop infrastructure for which they will demand inputs from countries like Dubai.
Dubai is rightfully considered as one of the most visited cities of the world. The city draws a large number of shopping tourists form countries within the region as well as from continents such as Eastern Europe, Africa, and India. So, if somebody is in a frenzy to set up tourism business, that person is also going to succeed.
The Dubai government will support development of Tourism industry as it will be a prime source for the flow of foreign capital in the country. Tourism department says Dubai is expected to accommodate over 15 million tourists by 2015. Their Duty Free International Airport is a stimulus to multinational passengers and they encourage merchandising, hence it is a proven fact.
Their financial market was established in 2000 as a secondary market for trading securities and bonds. This move was quite obvious as it signifies the urge to diversify economic activities. Several Investment Forums with over 500 business leaders are willing to invest in the Middle-East, Dubai fairing pretty well in the investment list.
More multi-national companies are planning to set up their headquarters in Dubai. This will lead to the development of ancillary industries like- Dubai Internet City, Dubai Money Market, etc. Demand for offshore companies is also high. It has evolved as the largest trading port connecting the East and West.
So, to conclude, it is inevitable that Dubai will rule the chart in real estate investment and at the same time, supporting industries will become unavoidable.