You will know about Dubai and the stunning ameer of this city. Dubai Gulf country is the largest city in the United Arab Emirates. Dubai city is situated on the seafront and it is the richest city of the Middle East and the best tourist place. More than 10 million foreign tourists come to Dubai every year. But have you ever wondered how the city became so rich how Dubai made such a rapid progress. Today in this post we are about to talk about this.
So let's know how Dubai is so rich.
Most of you may think that Dubai is so rich because of the reserves of crude oil and natural gas but there is no such thing at all. Let us tell you that only 7 percent of Dubai's total earnings comes from oil. Dubai's entire earnings is from real estate, airlines, corporate taxes and industries engaged by foreign companies and heavily invested in them.
In fact, until the 90's, Dubai was a very simple city, which few people knew. But the Government understood this soon that the oil reserves were not always there and if the oil remained only then one day Dubai's economy will end. That is why the rulers of Dubai adopted Western methods for the development of here and attracted many schemes and free tax schemes to invest foreign investors in Dubai. The Dubai government promoted the real estate sector here and managed to attract huge investments in it. Today, 26% of Dubai's total earnings comes from real estate alone.
In addition to these, Dubai developed its infrastructure according to the industry and the rest of the business. Due to this, companies from around the world were attracted to investing in Dubai, and Dubai's earnings increased by this investment day by day. Since the opening of "Dubai Internet City" in the year 2000, worldwide software companies have become fenced in Dubai. Here the Infotech Hub was completely tax free, due to which the world's largest companies attracted investment in Dubai. Apart from all this, due to the lack of income tax in Dubai, people around the world are attracted to work and many people go to Dubai and settle for permanent residence.
A large part of Dubai's income also comes from tourism. Tourism sector has 16% stake in Dubai's GDP. Dubai has developed a very good tourism industry by making the Burj Khalifa, Dubai Marina, Burj Al Arab, Palm Island and many beautiful buildings and tourist places. In the cities of the world's top tourist destination, Dubai ranks 5th and Dubai has a very good income from tourism.
According to a research, Dubai's oil reserves will be completely extinguished in the next 20 years and therefore Dubai is now focusing on developing its full focus industry and other sectors. Other countries of the world and India need to learn a lot from Dubai.
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