Global InformationEconomy of Dubai information
The economy of Dubai represents a per capita gross domestic product as of 2022 of US$46,665.[1] Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE's non-oil trade over 10 years totalled Dhs16.14 trillion ($US 4.4 trillion).[2] The UAE GDP jumping from $407 billion in 2021 to $440 billion in 2022 and $467 billion in 2023. Similarly, per capita GDP will also expand from $43,868 in 2021 to $46,665 in 2022 and $48,822 in 2023.[3]
The International Herald Tribune described it as "centrally-planned free-market capitalism".[4] Oil production, which once accounted for 50% of Dubai's gross domestic product, contributes less than 1% today.[5] In 2018, wholesale and retail trade represented 26% of the total GDP; transport and logistics, 12%; banking, insurance activities and capital markets, 10%; manufacturing, 9%; real estate, 7%; construction, 6%; tourism, 5%.[6][7]
Dubai 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.
Today, Dubai has focused its economy on tourism by building hotels and developing real estate. Port Jebel Ali, constructed in the 1970s, has the largest man-made harbor in the world, but is also increasingly developing as a hub for service industries such as IT and finance, with the new Dubai International Financial Centre (DIFC). Emirates Airline was founded by the government in 1985 and is still state-owned; based at Dubai International Airport, it carried over 49.7 million passengers in 2015.[8]
According to Healy Consultants, Dubai is the top business gateway for the Middle East and Africa.[9][unreliable source?] The government has set up industry-specific free zones throughout the city in hopes of giving a boost to Dubai property. Dubai Internet City, now 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, Sage Software and IBM, and media organisations such as MBC, CNN, Reuters and AP. Dubai Knowledge Village (KV), an education and training hub, is also set up to complement the Free Zone's other two clusters, Dubai Internet City and Dubai Media City, by providing the facilities to train the clusters' future knowledge workers. Dubai Outsourcing Zone is for companies who are involved in outsourcing activities can set up their offices with concessions provided by Dubai Government. Internet access is restricted in most areas of Dubai with a proxy server filtering out sites deemed to be against cultural and religious values of the UAE.
During the financial crisis of 2008–2009, Dubai was about to default and, therefore, was obliged to downsize and restructure suffering state entities. The International Monetary Fund (IMF) stated in 2019 that Dubai’s debt exceeded 100% of its GDP. Abu Dhabi rolled over a bailout loan of $20 billion to Dubai to save it.[10][11][12]
- ^ "Gross Domestic Product (GDP) of the Emirate of Dubai 2020–2021-2022".
- ^ "UAE non-oil trade over 10 years totals Dhs16.14 trillion: Minister".
- ^ Abbas, Waheed. "UAE economic growth to accelerate in 2022, 2023: Swiss bank". Khaleej Times.
- ^ Pohl, O. (28 June 2004). "Dubai keeps superlatives coming. International Herald Tribune" (PDF). Archived from the original (PDF) on 12 October 2013. Retrieved 3 October 2012.
- ^ ""Dubai's the Very Model of a Modern Mideast Economy", Bloomberg.com, retrieved 2 July 2018". Bloomberg News. 14 January 2018. Archived from the original on 17 March 2018. Retrieved 2 July 2018.
- ^ Report 2019, Government of Dubai
- ^ Recent Developments in Dubai's Economy, Dubai Economic Report 2019, Government of Dubai, p. 30
- ^ "Emirates airlines: number of passengers 2015 | Statistic". Statista. Archived from the original on 6 March 2016. Retrieved 2 March 2016.
- ^ "Dubai Company Formation". Archived from the original on 5 February 2015. Retrieved 5 February 2015.
- ^ "Dubai contemplates a downsized future after the pandemic". Financial Times. Retrieved 30 June 2021.
- ^ Barbuscia, Stanley Carvalho, Davide (5 February 2019). "Exclusive: Abu Dhabi expected to extend bailout loan to Dubai, sources say". Reuters. Retrieved 30 June 2021.
{{cite news}}: CS1 maint: multiple names: authors list (link) - ^ "Abu Dhabi's tentative bailout of Dubai …". Council on Foreign Relations. Retrieved 30 June 2021.