Dubai! Welcome to Dream World.
The city, one of the Emirate of UAE, tallest building in the world, man made islands. All these adjectives have one answer "Dubai".
Dubai is again in news as news of Dubai World is unable to pay its creditors till may 2010.
I remember when I first landed in Dubai on July 28, 2006 at 11.45 pm the temperature was 40 degree. its took 45 minutes to come out of the airport. the airport itself is a city. Its a very big airport and beautiful.
In the first week itself, I understand the economy of Dubai. Everywhere the new construction and new building are cropping up like mushrooms in rainy days. The reason this is very simple. Dubai has very few oil stocks unlike capital of UAE i.e. Abu Dhabi. So, Dubai open its economy (I really appreciated the foresight of Dubai Ruling family, to foresee the oil stock is less so, it Dubai need to open its economy to survive after vanishing of oil stock) to established the shops to various industries to cater "MENA" (Middle East and North Africa" and Dubai is called the Gateway to Middle East Market.
So, peoples from various countries came in search of opportunities to start their own businesses. To cater these people demand for residences, Dubai is emerges as hot destination for real estate and construction companies. Once I read in newspaper, Dubai is welcoming nearing 50000 people from around 80 countries every month. take a look at maths. every month 50000 people. Out of which estimate 10% from middle level / top level management people i.e. 5000.
every year approx. 600,000. to make an arrangement for these Hugh population, Dubai real estate and constructions companies gear themselves to fulfil the demand of Dubai. Main construction companies have expensive projects are Nakeel, Emmar, etc.
These construction companies are constructing huge and expensive villas, building, hotels, palaces, etc. To attract more people to invest (mainly from western part of world) and live in Dubai, its started constructing man made Islands. (Jumeriah palm, world, etc) also big and expensive hotels like Burj Al Arab (if you stare any of number plate of Vehicle in Dubal you will get glimpse of Burj Al Arab), Jumeriah Hotel, Emirates Towers on Sheikh Zayeed Road (named after Abu Dhabi Royal family Ruler), Mall of Emirates (if you have a mood to skies then go to mall of emirates. though outside temperature 40 degree and above, at mall of emirates, you can skies.)
So, Companies from electronics to media, water de-salation to sports, you name it you have a company to cater the needs of Residence of Dubai.
let summarise the events in the history of Dubai
a) oil discovery
b) companies coming up to set up the business
c) residences: construction of residences, hotel, malls, etc
d) more people need to fulfil the growing demand of Dubai.
e) entertainment, leisure needs at Dubai. (people from various countries coming up to work)
f) real estate bubbles burst in America. (in 2008)
g) Slowly its spread all over the world making people to lose their jobs.
h) So, Investment stop coming to Dubai.
i) So, its nearly one year recession take over Dubai.
its estimated more than US$ 200 Billions are at Stake.
But as Dubai World says " Sun Never Set in Dubai World", Let hoping for the best for economic recovery of Dubai!