How did dubai get so rich?

Dubai has emerged as one of the wealthiest and most glamorous cities in the world, with its towering skyscrapers, luxurious hotels, and high-end shopping malls. But how did Dubai become so rich?

The answer lies in its strategic location and its vision to become a global business hub. Located at the crossroads of Europe, Asia, and Africa, Dubai has long been a center for trade and commerce. In the early days, Dubai's economy relied mainly on pearl diving, fishing, and trading. But when oil was discovered in the 1960s, Dubai's fortunes began to change.

Dubai's leaders realized that oil was a finite resource and that they needed to diversify their economy to ensure long-term prosperity. They began investing heavily in infrastructure, including airports, ports, and highways, to make Dubai a hub for trade and commerce. They also created business-friendly policies to attract foreign investors and entrepreneurs.

One of Dubai's most significant achievements was the establishment of the Dubai International Financial Centre (DIFC) in 2004. The DIFC is a free economic zone that operates under a common law legal system and provides a tax-free environment for businesses. It has become a magnet for international banks, financial institutions, and multinational corporations.

Another key factor in Dubai's success is its tourism industry. Dubai has invested heavily in building world-class hotels, resorts, and entertainment facilities to attract tourists from around the world. In 2019, Dubai welcomed over 16 million visitors, making it one of the world's top tourist destinations.

Dubai's leaders also recognized the importance of innovation and technology in driving economic growth. They have invested heavily in research and development, creating cutting-edge infrastructure and promoting entrepreneurship and innovation. Dubai has become a hub for tech startups and is home to some of the world's most innovative companies.

In conclusion, Dubai's wealth and success can be attributed to its strategic location, business-friendly policies, infrastructure investments, tourism industry, and focus on innovation and technology. While there have been criticisms of labor practices and human rights in the city, there is no denying that Dubai has become a global economic powerhouse and a symbol of modernity and progress in the Middle East.

Author Name: Engr. Hasan Rasheed Sulehria Chairmen QEF & The Royal Chain Pakistan.

                                                                        Published By: Ali Raza