You’ll be hard-pressed to find a city that’s more ambitious than Dubai! After all, the city is home to the world’s tallest building, the world’s biggest mall, the world’s biggest aquarium, and even the world’s biggest horses! As if all that weren’t enough, Dubai officials have their sights set on turning the city into the business capital of the Middle East, complete with a financial district that rivals Manhattan’s. It’s all proof that, in Dubai, people don’t just dream – they dream big!
In keeping with Dubai’s ambitious spirit, the geography in and around the city has something for everyone. Since it sits right on the southern end of the Arabian Gulf, Dubai has beautiful beaches and waterfront views that are ideal for luxury homeowners.
Dubai also offers freehold properties for sale and for rent for everyone and for people with any taste. Even if you can’t afford a massive villa, there are plenty of luxury apartments that will give you a beautiful view of the sea. Or, if you’re just coming to visit, there is a near-endless array of five-star hotels that line the coastline.
Dubai’s population has nearly tripled since 1995. By the end of 2011, just over 2.26 million people called Dubai home. Thousands more move here every month – mainly to take advantage of the ever-growing business opportunities. There are also plenty of people who move here just to enjoy all of the beautiful sights and culture that this vibrant city has to offer!
No matter why you decide to call this city home, you’ll quickly notice what a hub of activity Dubai is. Especially as more and more new construction goes up, there are always gourmet restaurants, outdoor cafes, trendy bars, funky coffee shops, and cute boutiques to check out.
Officially, Dubai is considered a constitutional monarchy, and the Al Maktoum family has been in power since 1833. The royal ruler of Dubai is also the UAE’s Vice President and Prime Minister. Much of Dubai’s day-to-day governmental issues are handled by the Supreme Council of the UAE – a group that holds power in all 7 Emirates (Abu Dhabi, Dubai, Sharjah, Ras al-Khaimah, Fujairah, Umm al-Qaiwain, Ajman). They handle issues related to education, defence, federal laws, foreign affairs, and communications. Dubai’s laws can also be created by the Federal Council of Ministers – an assembly that works under the Supreme Council.
Dubai was ranked 9th among top ten tourist destinations in 2011 according to the study report by MasterCard. All of Dubai’s residents are joined by the millions of tourists who come to visit every year. Dubai is one of the most visited places in the world, and it’s easy to see why. Officially in 2010, Dubai hotels hosted 8.3 million guests and 9.1 million guests and tourists chose their vacation and business destination to Dubai in 2011.
The constructional boom in Dubai has made it one of the most desirable cities to live in the world. The city has promising business opportunities, luxury malls, best restaurants and appealing recreational places. However, all this development took place over the span of fifty years. The history of Dubai is centuries old.
Archaeological findings have proved that the humans populated this area in the Bronze Age. During the fifth and sixth centuries, Jumeirah was considered an important trade route in the region. Sixteenth century was marked with the Portuguese interest in this area’s trade routes which became the cause of European influence.
The area became a “Trucial Coast” in 1820 when Britain signed a treaty with the rulers. Bani Yas tribe, (the descendants of which are still ruling Middle East) is said to have settled at Creek in the year 1833. Fishing, pearling and trade became the chief occupations of the residents of Dubai creek. During the 1870’s Dubai was the leading trade port of the Gulf region which brought Iranian traders to the emirate in 1902.
The twentieth century was the beginning of a new Dubai, the Diera side of Dubai creek attracted business men from far and wide.
Dubai investment saw its dawn with the discovery of oil in this area during the 1950’s. In the next decade more Indians and Pakistanis populated the area. When oil was discovered in Dubai’s oil field in 1966 Sheik Rashid (the ruler) used the oil profits for development projects in Dubai. It was during this bout that good roads, schools and hospitals were built in Dubai; latest communication networks were laid down in and around the city. Dubai International Airport was renovated with a new terminal building. The world’s largest port was also built at that time; welcoming traders from all corners of the world.
The reason why Dubai attracted world’s attention was the unrivaled infrastructure, no taxes and flexible/friendly conditions for emigrants. All these factors contributed to the business development of Dubai with investors from Asian, African and other continents. Tourism also thrived during that time period.
The rulers of Abu Dhabi and Dubai always wanted to have a confederation of emirates; in 1971 Dubai, Abu Dhabi, Sharjah, Umm Al Quwain, Ajman and Fujairah became the “United Arab Emirates” (Ras Al Khaimah also joined in 1972).
During the tenure of late Sheikh Zayed (the first president) of UAE, the country emerged as one of the world’s richest republics with more than US$ 17,000 annual GDP.
The city of Dubai is developed on the idea of “jet powered globalization”, this idea grabbed people from far-off areas to Dubai. Being the “Air Hub” of Middle East, Dubai is an important stop for all international flights. Daniel Brook writes about Dubai in his book “A History of Major Cities”, a brief excerpt of which is as follows:
Through a parallel strategy designed to lure multinational companies, Sheikh Mohammed successfully turned Dubai into the global business hub of the Middle East. In the early 1980s, Mohammed had breathed new life into the languishing Jebel Ali port by declaring it Dubai’s first “free zone.” The term was something of a misnomer. Free zones in many countries were simply areas where companies were exempt from taxation. But in Dubai, there were no corporate or income taxes to begin with; the government was funded largely with the profits of state-owned enterprises, oil revenues and sin taxes on alcohol.
The 1980’s and 90’s were the years, Dubai invested in becoming one of the alluring tourist destinations of the world.
Dubai real estate industry saw its bloom when in May 2002, a decree was issued according to which expatriates were granted rights to buy property freehold.
Today real estate companies are selling Dubai freehold properties to both the locals and the foreigners. Construction development projects also include a huge investment from international market.